Looking for best kind of financing product for my situation

[Tyler Psenicska]

Hey everyone,

Thanks for clicking on this. I'm an existing residential investor looking to make a real estate purchase of vacant land in Grady County OK that I will be leasing NNN to a medical marijuana company that already legally operates on the property. Here are the details:

They are taking care of the land, taxes, etc. as part of their lease and will build their own buildings on it. They've already built a few small warehouses.

They have an existing 10 year lease on the property and are willing to resign a 10 year lease. The tenant will pay about a 12%-15% cap (goes up due to increases) on the deal. 

The current property owner will sell to me for about $200K. 

Here are my questions:

I'm assuming I'll need 25% down for anything commercial - is this correct?

Is there is a way to do some form of bridge loan so I may pay for the property in cash to expedite closing and refi into long term financing? How much does this product cost to use?

What type of permanent financing do I need - business loan or SBA? Are there separate commercial real estate products? Does it matter that it's vacant land? 

I'm assuming cannabis will be an issue and I'll need to find a local credit union that is okay with lending to me if my tenant is cannabis. Any guidance?

Thank you so much in advance for your help!