Summary
Cairnspring Mills Skagit — 2026 Grain Inventory Financing is a $2,153,000 loan offering structured as a senior position in Burlington, WA listed on Steward.
The offering carries a stated rate of 9%, a term of 13 months, and a loan-to-value of 71.33%.
It is secured by Secured second lien on all business assets, subject only to Steward's existing Skagit grain inventory note (balance $1,085,460.25, to be repaid in full by 2026-12-02). Upon repayment of the prior note this loan assumes first-priority position on all of the company's assets. Includes a minimum cash balance covenant and a maximum leverage covenant (principal paydown to restore compliance if breached), plus quarterly financial reporting, and the borrowing entity is Northwest Mills and Specialty Grains SPC.
across 47 tracked Steward offerings the median disclosed rate is 8%.
Terms shown here are drawn from website disclosures and were captured by AltStreet on 2026-08-03. Figures are as disclosed at the time of the offering and are not updated for subsequent performance.
Disclosed Terms
- Offering amount
- $2,153,000
- Stated rate
- 9%
- Term
- 13 months
- Loan-to-value
- 71.33%
- Position
- senior
- Collateral
- Inventory
- Distribution frequency
- Monthly
- Borrowing entity
- Northwest Mills and Specialty Grains SPC
- Status
- Open
- Senior secured
- Yes
- Collateral in place at close
- No
Terms as disclosed at the time of the offering. AltStreet does not update these figures for subsequent performance, and a disclosed rate is not a realized return.
Where It Sits in Steward's Book
Disclosed rate
9%
Above 76% of peers, median 8%. High for the book.
Hold period
13 mo
Above 60% of peers, median 10 mo. Near the middle of the book.
Compared against 45 other Steward private credit offerings with a disclosed rate. 7 of them are in WA, where the median disclosed rate is 7.5%. A percentile places a disclosed term, not a result. Browse the full Steward book.
Terminal Analysis
Terminal analysis for this offering
Terminal access unlocks rate, LTV, and term percentiles against every tracked peer, 46 comparable offerings side by side.
Access full researchQuestions About This Offering
What is Cairnspring Mills Skagit — 2026 Grain Inventory Financing?
Cairnspring Mills Skagit — 2026 Grain Inventory Financing is a $2,153,000 loan offering structured as a senior position in Burlington, WA listed on Steward. The offering carries a stated rate of 9%, a term of 13 months, and a loan-to-value of 71.33%. It is secured by Secured second lien on all business assets, subject only to Steward's existing Skagit grain inventory note (balance $1,085,460.25, to be repaid in full by 2026-12-02). Upon repayment of the prior note this loan assumes first-priority position on all of the company's assets. Includes a minimum cash balance covenant and a maximum leverage covenant (principal paydown to restore compliance if breached), plus quarterly financial reporting, and the borrowing entity is Northwest Mills and Specialty Grains SPC.
What interest rate does Cairnspring Mills Skagit — 2026 Grain Inventory Financing pay?
The offering carries a stated rate of 9% over a term of 13 months, as disclosed at the time of the offering on Steward. Stated rates are not guaranteed returns; repayment depends on the borrower and the underlying collateral.
What is the loan-to-value on Cairnspring Mills Skagit — 2026 Grain Inventory Financing?
The disclosed loan-to-value is 71.33% on the property in Burlington, WA. For fix-and-flip and construction lending, this ratio is typically measured against after-repair value rather than the current as-is value, so it reflects a projected valuation rather than a realized one.
Is Cairnspring Mills Skagit — 2026 Grain Inventory Financing still open to investors?
AltStreet's record shows the offering as open. AltStreet tracks this offering from platform disclosures, last captured 2026-08-03. Offering status changes without a corresponding filing in many cases, so current availability should be confirmed directly with Steward before acting.
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