Victor Mitchell, the Lead Funding CEO, has announced another cannabis industry related loan for the Colorado-based private investment firm. The $3,500,000 loan is secured by a new growing facility located in Tacoma, WA. The property refinancing will be used to complete construction of a 26,000 square foot, tier 2 licensed grow facility which will bring the operation up to full capacity. The loan is expected to be finished and closed within the next two weeks.
Lead Funding is a real estate based private direct lender that only recently made the decision to expand its operations into the burgeoning cannabis industry in Colorado. Because the company conducts its cannabis lending under Colorado state guidelines rather than federal guidelines, which prohibit such activities, the company can offer loans that many banks and other lenders cannot. The company has access to a private fund in excess of $60 million and also operates in Texas, Arizona, and Washington state.
Since the legalization in Colorado in 2014, the cannabis industry in the state has exploded, bringing in more than $1.5 billion in 2017 alone. Victor Mitchell, Colorado entrepreneur and CEO of Lead Funding, hopes to support that expansion by funding smaller cannabis-related businesses and by assisting them with non-lending services such as procuring contractor referrals and forms and reviewing project plans. He believes that by reducing the red tape and time involved with lending and providing comprehensive services that the company can become a leading lender to the Colorado cannabis industry.
Victor Mitchell is also the founder of Lead Funding. He says of the company's philosophy, "We like to lend money to small business owners who are turning distressed real estate assets into beautiful new products and improving everyone else’s’ home values without them having to do anything, as well as increasing the tax base of so many different school districts. We’re making loans that otherwise are not happening in the economy, and we’re really helping to grow the economy. Every time we make a loan it usually has a multiplier effect, 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.”
Lead Funding enjoys the highest ratings from the Better Business Bureau and the U.S. Chamber of Commerce. To learn more about the company visit their website at www.leadfunding.com
Media Contact
Company Name: Lead Funding
Contact Person: Jason Richards
Email: Jason@leadfunding.com
Phone: 303.834.3494
Address:755 Belfry Court
City: Castle Rock
State: CO 80108
Country: United States
Website: www.leadfunding.com
Source: www.abnewswire.com
