Victor Mitchell, Lead Funding CEO, has announced that the firm will begin issuing loans backed by real estate for cannabis businesses. A sixty-million-dollar private investment firm that operates in Arizona, Colorado, Texas, and Washington State, Lead Funding plans to make loans available to businesses under Colorado state guidelines.
Cannabis has become a booming business in states where recreational use has been legalized over the past decade, with the American market surging 37% to $8.5 billion in 2017. However, the federal government’s regulation of the product as an illegal commodity makes it challenging for emerging entrepreneurs to work with U.S. banks.
Lead Funding, a multi-state, private investment firm, is opening up its loans to cannabis businesses that can provide real estate collateral. Dedicated to a holistic approach to business lending, the firm seeks to emphasize customer service and client satisfaction to keep its customers returning for their investment needs. Highlighting its quick loans and continued investment in the success of the business, Victor Mitchell notes that “We provide our customers with many services including reviewing their project and architectural plans, getting them contractor referrals, and contract forms. They're potentially paying a slightly higher cost, but they're getting various services, and we can also underwrite and fund the loan in two business days. It's much easier to work with us than a traditional bank.”
Moreover, the firm sees these investments as a win-win for both new businesspeople and the community at large. “Every time we make a loan it usually has a multiplier effect,” says Mr. Mitchell, “meaning that sometimes 3 or 4 times as much economic value is created from one single loan. If we loan someone one million dollars, we generally create three million dollars of economic value.” By investing in local entrepreneurs and helping new businesses succeed in a way that federal banks can’t, Victor Mitchell hopes to grow local economies in a sustainable way.
For more information, please visit: http://www.leadfunding.com
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