Finally some good news for owners and self-employed borrowers in the Cannabis industry! Mortgage financing is about risk and as more and more states are legalizing medical and recreational marijuana use, some banks are deciding that financing may be less of a risk in this industry. Portfolio lenders are again offering residential loan products and making home ownership available and affordable. In early 2018 when the Department of Justice rescinded the Obama’s Cole Memo, many lenders stopped offering financing options to owners, finally we are seeing a reversal in mortgage availability.
A Portfolio Lender is different from a traditional mortgage lender, they hold on to their loans to earn the consistent interest, because of this, they make their own rules. A Portfolio Lender’s loan products will often significantly vary from a traditional lender. The good news for a Cannabis owner is that a Portfolio Lender may offer loans that use only bank statements to qualify income or be more lenient on lower credit scores.
The hope is that in 2019 we will continue to see mortgage options grow for owners in the Cannabis industry. The good news is that we currently can offer competitive loan programs for most states in the US and are hoping to cover the nation by years end. If you are an owner or self-employed in the industry and would like to see what options are available, please contact me at
firstname.lastname@example.org or 303-579-5517.
About the Author: Michaela Phillips entered the mortgage lending industry in 1994. Throughout her 25 years in the business she’s been one of the top producers for every company she’s worked for. As of 2018, she’s the VP of Mortgage Lending for Guaranteed Rate, Inc. Being a VP at Guaranteed Rate offers many advantages to her and her clients, unparalleled customer service, efficiency, and most importantly, competitive rates.