Illinois Hard Money Lenders for Cannabis Properties
Hi all,

I’m wondering if anyone on here knows of any groups doing hard money lending on cannabis deals in Illinois? I know a few groups that do them in trust deed states, but have had a hard time finding anyone here. 

This would be for an industrial space. 

Thanks!
[{"id": "fe9nv9x", "text": "Great question!", "replies": [], "depth": 1}, {"id": "fe9qu9j", "text": "Collateralized real estate? How much are you trying to fund?", "replies": [{"id": "fea0zqk", "text": "Location hasn\u2019t been identified yet, but we\u2019re looking for 20-30K SF of industrial. Total funding range of about $750K-1.2mm, depending on property and if improvements get wrapped in. 30% LTV.", "replies": [{"id": "feapgfz", "text": "PM me, I own a warehouse in Chicago and would consider leasing or otherwise doing a deal with you.", "replies": [], "depth": 3}, {"id": "febu9nk", "text": "That seems like a really low target purchase price depending on location and quality of the building.. more like 10-15K SF.", "replies": [{"id": "fed7n0t", "text": "It\u2019s weed. Usually the worse location the better for a grow, For a grow the things that really matter are zoning, power, security, water, and ceiling heights. Everything else gets retrofitted anyway. There are a decent number of properties in the Chicago area in that price range. \n\nThings that typical users would want - sky lights, rooftop units, multiple drive in doors, etc - are actually negatives for us. Give me a windowless masonry bunker with power and water and and I\u2019m happy. \ud83d\ude05", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fe9r3s6", "text": "[This](https://www.cannafinancialgroup.com/) might help you out.  Not 100% sure, but have definitely heard their name being thrown around here in CO.", "replies": [{"id": "feair9c", "text": "Do you have any idea of their interest rate?    My impression is that       \nmost unsecured rates are over 10 %, often well over that amount.", "replies": [{"id": "feas4u8", "text": "We have a local bank here that does some weed lending at 2% + prime(floor of 7%).  I think Canna is 7-9% but do not quote me on that.  I do not work there or represent them.  Just something I heard through the grapevine.", "replies": [{"id": "feawjg1", "text": "Talked to a group out in California that will do a deal, but they want a minimum investment of $1 mil and said they would prefer $10 mil on the deal. Quoted 8%-12% depending on the deal.", "replies": [{"id": "feaxc9j", "text": "Damn.  That is one big deal.  Definitely have not seen anything that big out here in CO, but I can also say we are not actively looking for them either.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "feajlt0", "text": "Yes, multiple, shoot me a PM if you want to chat.", "replies": [], "depth": 1}, {"id": "fealfkw", "text": "check pm thanks", "replies": [], "depth": 1}, {"id": "febqvnr", "text": "The Law has changed. You can go to a small bank. You Don't need those hard money guys like before, however my fund has 8% money if you need. Wouldn't have a problem getting you any real estate loan with the first position for that use anymore", "replies": [], "depth": 1}, {"id": "fecb1jn", "text": "IIPR lends to the industry", "replies": [], "depth": 1}]