Arizona Grow Facility Investment Located in Wickenburg, Arizona, specializing in the cultivation of medical marijuana that is sold in retail / marijuana dispensaries across the state of Arizona.
This client has a commercial 5 yr mortgage thats due to mature in March. He needs to refi the loan to keep it active.
He has 2 bldgs. both are 19,000 sq ft / each.
The 1 bldg has 2 tenants that have permits etc to grow.. they are not growing anything now as they are waiting for their permits to arrive and waiting for the landlord to let them know that there wont be any issues losing the property to the bank,
The 2nd bldg also has 2 tenants. 1 of which is another grower in the same boat as the 2 above… the 2nd tenant is a mining company that uses half the bldg for warehouse/ offices for the mining business.
The appraised property value is $1.6mil. he owes $1.1 (69% ltv)
Hes finding out that banks are turning him down to the nature of the business used to create cash flow (mmj growing) as it is still federally illegal they wont touch the loan..
With this being said, We are open to hear any interest/ideas that could possibly help this client as well help you.
Please contact us @ [email protected] for more info.
Thank You,
TWS
