PELORUS EQUITY GROUP IS FIRST IN THE CANNABIS SECTOR TO SECURE AN UP TO $20M LINE OF CREDIT AT 4.75% WITH A FDIC INSURED BANK
NEWPORT BEACH, Calif., Oct. 14, 2021 (GLOBE NEWSWIRE) — Pelorus Equity Group (“Pelorus” or “Company”), the leading provider of value-add bridge commercial real estate loans for cannabis businesses and owners with cannabis-related real estate, and its Pelorus Fund, a privately held mortgage real estate investment trust (“mREIT”) with cannabis use and cannabis-related properties, announced it is the first Company in the cannabis sector to secure up to a $20M line of credit with a FDIC insured bank at 4.75% and no non-usage fees, depending on the business owners’ needs and qualifications.
“We are very pleased to announce the closing of our new warehouse line of credit with a FDIC insured bank as it will substantially increase funding capacity for facility improvements, build outs and expansions loans in the cannabis sector,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “With our recent closing of $42.2M Senior Unsecured Notes with a 7% fixed coupon rate, we are now able to offer a lower cost fully stabilized lending product to borrowers looking to reduce their cost of financing. Utilizing our decades of commercial real estate experience with our track record of success in cannabis and the deep relationships we’ve formed, we have once again achieved what others have tried but failed to do in the last decade.”
To date, Pelorus has completed 58 commercial real-estate loan transactions and has deployed $225MM to cannabis businesses and real estate owners, comprising 1,850,000 sq. ft. sq. ft. in eight states across the U.S. With the ability to approve construction draws to reimburse the borrowers in an average of one to three days and with one agreement covering the financing of the entire project, the Pelorus Fund helps to stabilize cash flow for clients so they can remain focused on their core business goals and objectives.
About Pelorus Equity Group
Pelorus Equity Group is the leading provider of value-add bridge commercial real estate loans in the multi-billion dollar cannabis industry. The company’s Pelorus Fund, a private mortgage real estate investment trust (“mREIT”), offers a range of innovative transactional solutions addressing the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge lending programs are the direct result of our involvement in more than 5,000 transactions of varying size and complexity. Since 1991, our principals have participated in more than $1B of real estate investment transactions using both debt and equity solutions. We draw on our extensive experience to rapidly understand an opportunity, structure a logical solution and execute a timely close. For more information, visit https://www.pelorusequitygroup.com/.
Pelorus Equity Group