DENVER, Feb. 9, 2017 /PRNewswire/ -- INCC, Can Cannabis Company Get a Bank Loan?
The problem: Banks are calling loans. While it is lawful under the laws of 28 states to grow and distribute medical marijuana, it is illegal under federal law. Banks, which are mostly federally regulated, are sending letters to landlords requiring them to either remove their marijuana business tenant or have their note called forcing them to refinance or pay off the note.
The solution: International Consolidated Companies, Inc., (OTC:INCC), through its real estate division, headed by Mr. Arnold "Avi" Yoskowitz, has received an institutional commitment for marijuana based real estate debt financing subject to underwriting.
The plan: To create a portfolio of real estate holdings to service the cannabis industry and to help other cannabis companies refinance their loans.
INCC intends to raise up to $100 million in equity to secure financing commitments up to $200 million.
Avi Yoskowitz : Chief Real Estate Officer/Director
Mr. Yoskowitz brings a wealth of education (BS and PhD from MIT & 2-year Fellow at Harvard/MIT Joint Center for Urban Studies), experience, talent, drive and focus to the company. Over his long and distinguished career, Mr. Yoskowitz has excelled as a real estate developer and broker, investor, builder, mortgage underwriter, planner and sales associate. His professional work history has included senior-level positions with the Citizens' Housing and Planning Council of New York, Phipps Houses, Frist Realty Co. of Boston, the NYC Housing Development Corporation, a partnership appointment with Garden Homes and Commercial in New Jersey; and for the last twenty years, he has served as founder and CEO of the Heritage Group of Companies of NJ and TT Heritage Companies of Sarasota/Bradenton, Florida. Mr. Yoskowitz has successfully completed numerous land acquisitions, approvals, infrastructure improvements, build-outs, and condominium conversions projects.
"We are excited to position ourselves as the first public marijuana real estate holding company, while helping to overcome the barriers for the sale of legal marijuana products," said INCC CEO Antonio Uccello. "We have identified $30 million worth properties in this initial phase and we intend to raise up to $100 million in equity with which our lender would support a mortgage portfolio of $200 million for a total of $300 million in acquisitions."
International Consolidated Companies (INCC) was founded in 2002. INCC is focused on acquiring and growing businesses that offer innovation, quality, and cost-efficient Cannabis technologies.
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SOURCE International Consolidated Companies, Inc.