By Glen Weinberg, chief operating officer, Fairview Commercial Lending | As seen in the Scotsman Mortgage Guide
With recreational marijuana available in four states — two of them, Oregon and Alaska, newly arrived on the scene as of 2014 — and medical marijuana available in another 23, there appears to be a gold rush developing in the U.S. centered around the drug. But with marijuana being illegal at the federal level, there are still big drawbacks to investing in the industry.
The question now is whether lenders will cross the line and take a chance on a potentially lucrative opportunity despite the potential that the federal government could step in at some point in the future and take action against clients, thus impacting their ability to repay loans. Lenders and brokers interested in partaking in the legal marijuana business will need to find ways to guard their businesses legally and financially.
Fairview Commercial Lending is a privately funded hard money lender focusing on residential (GA, CO, FL) and commercial loans (GA, CO, IL, and FL). There are never any upfront fees and we can close typically in 5-10 days.