Business
Safe Harbor Financial Originates Real Estate Loans for Tier-One Multi-State Operator
- Closes $5.5 million first mortgage-backed loans for four properties in a key limited-license market - - Terms provide for financing of up to nine additional
About this update from Shf Holdings, Inc.
[{"type":"text","content":"- Closes $5.5 million first mortgage-backed loans for four properties in a key limited-license market - - Terms provide for financing of up to nine additional properties across several states - GOLDEN, Colo., May 16, 2023 (GLOBE NEWSWIRE) -- SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating banking, payments, and financial services to the regulated cannabis industry, today announced that it has originated four commercial real estate-backed loans for subsidiaries of a tier-one multistate operator (“MSO”). An approximate amount of $5.5 million in aggregate, the loans are secured by a first deed of trust on four retail dispensary locations in a key limited-license state. “We are pleased to originate this unique credit facility and facilitate other banking services to this top-tier, vertically integrated cannabis company,” said Sundie Seefried, Chief Executive Officer at Safe Harbor. “We are looking forward to offering similar real estate-backed lending products at market-leading rates to cannabis operators of all sizes nationwide.” Terms of the loans include a fixed interest rate with a five-year term and a 25-year amortization period; as well as the potential financing of up to nine of the MSO’s additional properties across several states. About Safe HarborSafe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Currently managing approximately 1000 cannabis-related relationships, Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $18 billion in deposit transactions for businesses with operations spanning over 40 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org. Forward-Looking StatementsCertain statements contained in this press release constitute \"forward-looking ...