Nationwide Loan for Cannabis Funding
Most real estate investors are looking for a private hard money
- We are Cannabis hard money loan brokers, short-term mortgage specialists
- We provide short-term mortgages from $1,000,000 to $15,000,000
- We provide commercial hard money, private mortgage financing
- We provide short-term mortgages for purchase and refinance a commercial property
- We are known for speed, service, and integrity
Investors know that when they need a fast decision and a quick closing, they can rely on our Resources to be there for them.
While traditional lenders could take months to close, we can complete the process within a few days. We specialize in providing Cannabis financing loans to owners, investors, and developers in need of funding outside the scope of traditional banks and lenders. Our extensive experience as owners of every asset class in the Real estate industry guarantees fast and smooth closings.
We are a mortgage company in control of our funds, which means we can provide fast (prequalification within 72 hours and loan closing in 15-20 days) financing for your project. We pride ourselves on the local relationships we have cultivated with the best appraisers, attorneys, and title agents in the real estate industry.
Property Types For Cannabis Hard Money Loans
- Office
- Medical
- Industrial
- Warehouse
- Mixed-use
- Retail
Borrower Types Cannabis Business Loan Los Angeles
- Individual
- Trust
- LLC
- Corporation
- Partnership
Underwriting Requirements
- Our partners require fully detailed 1003 with no missing items
- Credit Information with explanation letter of derogatory credit
- Cashout letter request explaining usage of money loan
- Copy of lease if non-owner occupied property
- Copy of payoff on the mortgage
- Include copy of recent divorce papers
- Pictures of property
- Copy of Business License for self-employed borrowers or Mortgage Company
We specialize in providing Cannabis dispensary loans to property owners and real estate investors in need of financing outside the scope of traditional banks and lenders. Our streamlined process and extensive experience guarantee fast and smooth closings. While conventional lenders could take months to close, we can complete the process in a few days.
- First Trust Deed Only
- Non-Owner Residential
- Commercial | Mixed-Use
- Local Decision Making
- Common sense underwriting
California Cannabis Financing Loans lending comes with significant fees and high-interest rates compared to regular borrowing, but there are still many benefits. Hard money loans are usually more available to borrowers when money is difficult to secure from lending institutions than traditional conventional loans. Hard money loans also require less documentation and will close faster so real estate investors can benefit. Another advantage of Cannabis Hard money loans is that they can be used to make money.
With over 20 years of experience in arranging Real estate loans, once you see how easy we make these loans work for you, there is no doubt that on your next deal, you will think it is City Capital Realty. Whether you are seeking commercial real estate loans or SBA loans, we are actively funding different types of loans for your investment properties. We will give you a decision on your loan within a few days.
How should I take ownership of the property I am buying?
This vital question is one that California Cannabis real property purchasers ask their real estate, escrow, and title professionals every day. Unfortunately, although these professionals may identify the many methods of owning property, they may not recommend a specific form of ownership, as doing so would constitute practicing law.
Because real property has become increasingly more valuable, the question of how parties take ownership of their property has gained greater importance. The form of ownership taken – the vesting of title – will determine who may sign various documents involving the property and future rights of the parties to the transaction. These rights apply to real property taxes, income taxes, inheritance and gift taxes, and transferability of title and exposure to creditor’s claims. Also, how title is vested can have significant probate implications in the event of death.
Every Cannabis hard money loans lender has different criteria for approving commercial real estate loans, based on credit rating history, net income of the property, location, and loan to value ratio.
FAQs
Our Most Frequently Asked Questions
Yes, debt service coverage is one of the key factors contributing to whether a commercial loan is approved
Usually, the magical number is 20% minimum equity in the property. This relates to a loan to value that is no higher than 80%. There are some exceptions that apply (two properties can be cross-collateralized).
Usually, residential mortgages take about 45 days to close while the more involved commercial process takes around 60 days from beginning to end.
All lenders will want to see:
- Three years of individual and business tax returns
- Statements that detail improvements or expenses incurred by the property
- A current rent roll of any apartment building
- Personal financial statements for all partners
Most commercial loans do have a “pre-pay penalty.” This penalty is instilled if a loan is paid in full or prior to the outlined terms. Commercial loans carry a prepayment penalty for four of the first five years.
A residential mortgage only applies to residential property (no greater than four units per building). A commercial mortgage is utilized to secure financing for a larger spectrum of properties. A residential loan process is standardized by established guidelines, but the commercial loan varies depending on individual lenders.
A broker can aid you in understanding the transient nature of the mortgage market. The broker’s fee will be more than made up in the insight they can provide in steering you away from mistakes. Since they work with mortgages on a regular basis, they will be able to offer their expertise and better be able to explain the numbers.
Use the time between accepting a lender’s offer and receiving the commitment to your advantage by tackling as many obstacles as possible:
- Once you have accepted the offer, order the title searches.
- Find out the lender’s requirements for the ALTA survey (this process could take up to 4-6 weeks, so do not sleep on the process.
- Make sure you have a long-term sense of what you will do with the property.
All professionals will say to move as many things into the “completed” list from the “to do” list. Some processes are very time consuming and should be immediately addressed.
Suggestions:
- Do not focus on the absolute bottom when choosing an interest rate. Focus on the monthly/annual payment being in your range.
- Stick with one broker. Do not work with multiple brokers.
- Address any issues (tax escrows, lender’s calculation method, timing, etc.) before you make your initial deposit.
- When it is time to refinance, consider using a different lender or at least find out what they can do for you. The nature of the industry is not static, so it is always good practice to see what others have to offer from time to time.
Why Choose City Capital Realty?
Experts in Hard Money Loans
City Capital Realty has been in business for over 20 years. We have funded over $100 million in loans, and have relationships with many of lenders and investors. This gives us the ability to say YES and fund your loan quickly at the lowest rate possible
