Business
Safe Harbor Financial Originates Three New Loans to Tier One Multi-State Operator
Existing relationship with top-performing MSO brings total aggregate credit originated and issued to $12.7 million GOLDEN, Colo., July 27, 2023 (GLOBE
About this update from Shf Holdings, Inc.
[{"type":"text","content":"Existing relationship with top-performing MSO brings total aggregate credit originated and issued to $12.7 million\nGOLDEN, Colo., July 27, 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, announced today that the Company has increased its lending and deposit relationship with a tier one multi-state operator (“MSO”) by originating three new loans for affiliates of the MSO in the aggregate amount of $4,282,000. The loans were secured by retail assets in three additional limited-license markets in which the MSO operates. “Our ongoing relationship with this top-performing multi-state operator demonstrates the steady credit origination and placement activity were are continuing to secure for companies operating in the legal cannabis industry,” Sundie Seefried, Chief Executive Officer at Safe Harbor Financial commented. “These new loans further diversify our collateral portfolio, and afford us the opportunity to open deposit accounts for the MSO’s operating entities in three new markets.” The Company had previously announced in May that it had originated four commercial real estate-backed loans for subsidiaries of the tier-one MSO. The approximate amount for the loans was approximately $5.5 million aggregate and are secured by a first deed of trust on four retail dispensary locations in a key limited-license state. The Company also announced an expanded relationship with the tier-one MSO in June through the origination of an additional first lien-secured loan in the approximate amount of $2.9 million on a cultivation facility located in a major adult-use cannabis market. The current loans are in accordance with the same lending commitment as previous loans provided to the MSO, offering the same market-leading terms–including a fixed interest rate, five-year term and a 25-year amortization period–for permanent financing of the MSO’s critical assets. About Safe Harbor Safe 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...