Updated over 6 years ago on . Most recent reply
Composing RFP for 6M private note on industrial cannabis facility
I’m looking for advice, direction, examples on composing a RFP for the refi of this note.
This deal is a 500,000sqft industrial facility in Michigan, purchased by owner finance.
Currently owe 3.5M on the property.
After getting the property rezoned for cannabis cultivation and processing and doing multiple building upgrades it was just appraised for 6M.
The state has finally issued the license for cultivation (works similarly to liquor license where it’s attached to the real estate) therefore further increasing asset value. This also prompted a Canadian Cannabis Corp to offer 12M for the property/license. Said hell no.
At this point I’m seeking to present investors/groups the opportunity to refinance the note for 6M. Using the funds from the refi to expedite and fund the remaining build out of cultivation systems/utilities and labs.
Looking for minimal principle/interest payment for a 3 year term contingent on refinancing into a traditional long term commercial loan. Pending negotiations on note payment terms, willing to offer 8-9.5M buy back.
All of my previous real estate experience has been as a contractor; flipping houses and owning rentals. I have not asked for private funding or put together a deal such as this. I have arranged meetings with some groups/investors, my next step (so I’m told) is to compose a comprehensive RFP to present and review when we meet.
My goal of this post is to receive reference to example RFPs and suggestions for resources. Also, individuals that may be willing to review/proofread what I put together that have extensive knowledge/experience. Lastly, imma shoot my shot..If you have 6M I have the deal for you, let’s talk.