Safe Harbor Financial Expands Lending And Deposit Relationship With Cannabis Multi-State Operator
SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (NASDAQ: SHFS) has expanded its lending and deposit relationship with a multistate operator 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 limited license, adult-use cannabis state.
“In an environment where other lenders are scaling back, the expansion of Safe Harbor’s relationship with this MSO demonstrates the acceleration of our new origination and placement activities and our continued support of the cannabis industry’s growth,” stated Sundie Seefried, CEO at Safe Harbor. “In addition to originating this new loan on a key cultivation property, we are proud to open deposit accounts for this top-performing MSO’s operating entities in this key market and to deepen our service relationship.”
On May 16th the company originated four commercial real estate-backed loans for subsidiaries of a tier-one MSO. The loans were an approximate amount of $5.5 million in aggregate and are secured by a first deed of trust on four retail dispensary locations in a key limited-license state. The current loan is 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. The terms of the original commitment provide for the potential financing of up to nine of the MSO’s additional properties across several states.
Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay
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