GOLDEN, Colo., July 9, 2024 – PRESS RELEASE – SHF Holdings Inc., d/b/a/ Safe Harbor Financial, a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced that it successfully exited a $3.1 million loan that was previously in default. In addition to the full repayment of the principal, Safe Harbor received $202,175 in accrued interest, all of which will be reallocated into its lending and credit line capacity.
Dan Roda, executive vice president and chief operating officer of Safe Harbor Financial, said, “Safe Harbor has established a strong lending program that meets the financial requirements of our clients while generating appropriate risk adjusted loan interest income for the business. The strength of our program is our underwriting criteria, which has resulted in only one nonperforming loan over its history. That we recouped the full value of this loan, plus accrued interest and expenses, not only validates the balanced approach to our lending program, but it also significantly improves the overall quality of our loan portfolio and increases our lending capacity to service our clients’ credit needs.”
The $3.1 million first-lien loan was originated in 2021 and secured by Class A industrial real estate in the Denver metropolitan area. The strength of the underlying fundamentals of the property helped facilitate a successful exit of the loan, further demonstrating the soundness of Safe Harbor’s underwriting approach. This was the only loan in the portfolio in default as of March 31, 2024.
