LFB successfully arranged a second trust deed in the amount of $3,250,000 for a 50,000 square foot industrial building in Los Angeles, CA. Borrower approached LFB in need of funding to complete the necessary tenant improvements as required per the underlying lease with Tenant. Such improvements included solar on both the building’s roof and to-be-built carports, along with interior and exterior improvements to modernize and secure the property. Beyond the complexities of a standard second on any property, the subject property was being converted from a multi-tenant market rate building to a single tenant cannabis operation which further limited the capital options. Given LFB’s strong relationships in the cannabis lending space, we were able place the loan with a lender who could offer not only the requested proceeds, but the term needed to complete Borrower’s business plan. The loan is interest only with a term of 5 years.
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