))
Cannabis Lending Explained: Collateral, Covenants & Fund Structures (w/ Chicago Atlantic)
Manage episode 505749997 series 3462337
Pascal Wagner에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Pascal Wagner 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Most investors see private credit and assume it’s “too good to be true.” But in private credit, especially in underbanked niches like cannabis lending, structures can look very different — often with stronger downside protection, tighter covenants, and less leverage than people expect.
Recently on The Passive Income Playbook, featured on the Best Ever CRE network, Pascal Wagner sat down with Peter Sack, Managing Partner at Chicago Atlantic, to break down how his firm has deployed $2B+ in private credit.
You’ll learn how they approach first-lien lending, why cannabis lending carries unique regulatory moats, and how LPs should evaluate the differences between private funds, REITs, and BDCs.
In this episode:
✅ Why underserved markets create better lender terms (lower leverage, higher yields)
✅ Cannabis credit explained: state licensing, oligopolies, and downside protection
✅ How Chicago Atlantic achieves targets with senior-secured positions
✅ The trade-offs between private funds vs. public REITs (REFI) vs. BDCs (LIEN)
✅ How to underwrite debt funds: lien position, leverage, audits, and non-accruals
✅ What federal policy shifts could mean for LPs in this space
Peter also breaks down:
• Why covenants, guarantees, and documentation matter more than headline yield
• How diversification vs. specialization changes risk-adjusted returns
• Why 20–30% of their portfolio sits outside cannabis—but under the same credit lens
Whether you’re interested in income-focused alternatives or want to strengthen your private credit framework, this episode breaks down how LPs can position themselves at the top of the capital stack with stronger protections.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Why Private Credit Structures Look “Different”
02:22 – How Underserved Niches Create Better Terms for Lenders
03:28 – Cannabis Credit 101: Why State Licenses Create Moats
10:55 – First-Lien Advantage & Capital Protection
12:59 – Why Banks Withdrew — and How That Opened the Door
14:36 – How Chicago Atlantic Thinks About Risk Controls
24:29 – Public vs. Private: Comparing REFI, LIEN, and Private Funds
31:22 – BDCs Explained: A Lesser-Known Credit Vehicle
34:09 – Beyond Cannabis: Applying the Same Credit Lens Elsewhere
50:18 – LP Due Diligence: 5 Questions to Ask Before Wiring Money
52 에피소드
공유
