Capital for cannabis real estate, where banks are not allowed to go.
Federal rules keep banks out of licensed cannabis property. We lend on it directly, or buy the building and lease it back to the operator. $250K to $500M+, nationwide.
Two structures. Both leave the license holder operating.
Cannabis is legal in the state and still a problem for any federally regulated bank. Cleary is not a bank, and the collateral is the real estate, not the plant.
- Direct real estate loan
A mortgage on the licensed property: cultivation, processing, distribution, or retail. The operator keeps title and keeps the license where it is. Used for acquisitions, refinances, cash-out, and build-outs.
- Buy-and-lease-back
Cleary buys the real estate and leases it back to the operator on a long-term lease. The operator gets the full value of the building out in cash and stays in place. Useful when a loan will not release enough capital, or when the balance sheet needs the asset off it.
- Construction and expansion
New cultivation or processing facilities, and additions to licensed sites, funded by draw against the budget.
- Multi-site operators
Portfolios of licensed property across states, under one lender who already understands the compliance questions.
Parameters
We underwrite the real estate, the license, the lease, and the operator's track record. Pricing follows from those, not from the word cannabis.
- Loan amount
- $250,000 to $500,000,000+
- Structures
- Direct loan, or buy-and-lease-back
- Property
- Licensed cultivation, processing, distribution, and retail real estate
- Geography
- States with a licensed program
- Collateral
- The real estate. We do not lend on inventory, receivables, or the license itself.
- Pricing and terms
- Quoted per property in the term sheet
- Operator
- Licensed and in good standing with the state
- Not offered
- Working-capital loans, equipment loans, loans without property behind them
How a cannabis real estate deal closes.
Request terms
Property type, loan type, amount, and location. That is all we need to start.
Term sheet
We come back with structure and pricing for that deal, in writing, or with a clear no.
Underwriting
Appraisal, title, and borrower documents. We set the checklist with you, not after you.
Close and fund
From our fund when the loan fits it, with our capital partners when it does not.
Request terms.
Four facts get a real answer: property type, loan type, loan amount, and location. Send them and we reply with structure, or with a plain no.
- ReviewWe read the property and the four facts first. Not a form letter, not a credit pull.
- TermsYou hear back with the structure and pricing that fits the deal, in writing.
- UnderwritingAppraisal, title, and borrower documents, on a timeline agreed with you.
- FundingClosed from our fund, or with our capital partners when the loan sits outside it.