At La Jolla Loans, it seems no two loans are quite the same. Each unique lending situation shows the creativity and flexibility it takes to get the job done for our borrowers. Here is just a sampling of the loans we’ve funded recently.

$5,500,000 Development and Construction Loan – Residential Tract Development – DaVinci Courtyards, Phoenix, AZ La Jolla Loans overcame a series of challenges in loaning to this new developer in Phoenix, including lack of good comparables, credit issues, and lack of prior experience. But after looking at the merits of the project in its entirety, was able to fund the loan. (Full success story available)

$4,775,000, $10,825,000, $12,000,000 Development and Construction – Residential Tract Development - Turtle Rock, Twenty Nine Palms, CA La Jolla Loans is providing a series of three loans to complete the mapping process and begin construction on a forty-acre entry-level housing development in the Palm Springs area. La Jolla Loans was chosen for the developer’s past experience with extremely fast site inspections and draw requests, cutting the construction timeline from three years to two. (Full success story available)

$295,000 Purchase Loan – Residence and Warehouse, Tucson, AZ - Closed in 3 days! La Lolla Loans received the call on Tuesday on a court ordered sale that had to close that Friday or the buyer would lose his deposit. On Wednesday we visited his property in Ontario, CA that was to be cross collateralized and inspected the site in Tucson on Thursday. The loan was funded and escrow closed on Friday.

$2,750,000 Construction Loan – Residential Tract Construction – Sierra Ridge, Portola, CA Just before closing, an experienced developer’s construction lender merged with another bank, leaving his project in the lurch. After interviewing 10 private money lenders, he selected La Jolla Loans to provide construction funds for the first 7 pre-sold homes in his 24 lot tract. He now works with us on his other projects and refers other developers to la Jolla Loans.

$2,700,000 Purchase Loan – Simplon Ballpark - 13 Unit Apartment, San Diego, CA - Closed in 10 days Borrower had 10 days remaining to close the final parcel of a full city block assemblage across from Petco Park. This was part of a mixed-use project including 239 condominiums plus retail and office space. As overall project financing with a Wall Street REIT bogged down, La Jolla Loans stepped in to close this critical piece.

$10,000,000 Land Development Loan – Running Horse – Golf course and custom lots, Fresno, CA This 465 acre Jack Nicklaus designed golf course and master planned community promises to be the gem of the central valley. La Jolla Loans provided $10 Million to acquire 100 acres and grade the first six holes and 228 residential lots. When another financing source didn’t deliver, La Jolla Loans was able to underwrite and close in three weeks.

$2,100,000 Note Purchase – Cell Tech International – Cold Storage manufacturing and land, Klamath Falls, OR La Jolla Loans purchased a maturing note and then extended the terms to retain priority of liens already recorded against the real property. The security included fee and leasehold interests in cold storage and manufacturing buildings plus vacant land. Cell Tech harvests blue algae in Klamath Lake, Oregon which it then produces into various food supplements that it markets through a multi-level sales force.

$1,450,000, $3,600,000 Land Development Loan – Ion Communities – 43 and 141 lot subdivision entitlement, Redlands and Murrieta, CA La Jolla Loans provided 70% loan to costs on this 43-lot subdivision in Redlands, CA. Loan funds facilitated the land purchase before the tentative tract map approval and provided for grading to finished lot stage. The land was sold to a home builder upon recordation of final subdivision map and completion of site work. The loan was cross-collateralized with a 141 lot development in Murrieta, CA until tentative tract approval.

$2,700,000 Cash Out 2nd Trust Deeds – Parking garage and office tower – Sycamore Parking and 900 North Broadway, Santa Ana, CA La Jolla Loans provided the cash-out financing to provide funds for borrower’s other projects. Overall loan to value of 76% was secured by second trust deeds against a new parking garage and a 40 year old office building, both in Santa Ana, California.

$10,000,000 Land Entitlement – 1,770 acre development - Gregory Canyon Landfill, San Diego, CA The loan was made to cure the defaults on existing debt and provide funds to complete the entitlement and permit process for this heavily litigated prospective San Diego County landfill project. La Jolla Loans’ loan allowed the developer to avoid taking additional equity from its insurance company partner, which would have diluted its ownership interest.

$2,900,000 Condo Conversion – 100% of Project Costs - Old Town Villas, Santa Clara, CA A general contractor whose experience included the conversion of hundreds of units for other developers wanted to do this project on his own. La Jolla Loans provided 100% of cost financing by cross-collateralizing other properties, thereby eliminating the client’s need to share profits with investor partners.

$2,100,000, $775,000, $5,050,000, $2,450,000 Land Subdivision, Construction – Desert Vista, 29 Palms, CA La Jolla Loans provided a series of entitlement, grading and home construction loans for this 132 unit single-family development. To keep up with the rapid pace of sales, we amended a loan mid-course, providing funds for additional houses and allowing for release of further lots for construction ahead of business plan.

$3,820,000 Land and Construction Financing – Self Storage and RV Spaces, Anaheim, CA La Jolla Loans provided cash-out land financing plus all construction costs for our owner/contractor client. The project encompasses 70,000 plus square feet of self-storage in two buildings plus 110 spaces of RV Storage.

$3,600,000 1st TD, $400,000 2nd TD Construction – 75% LTV on leasehold land - Medical Office Building, Brawley, CA (Complete success story available) An experienced medical office-building owner had its bank loan fall through just before start of construction. The transaction was structured as a first and a second to provide the leverage desired by the borrower, lowering the cash equity requirement. La Jolla Loans was able to underwrite and close this leasehold construction loan in two weeks.