Brokerage company provides $120 million in private financing. (An Advertising Supplement).Scripps Investments & Loans, Inc., a La Jolla-based real estate loan brokerage company, provided a remarkable $120 million in private financing for commercial property owners and real estate developers throughout 2002. During the start of 2003, Scripps Investments & Loans has provided substantial new financing on multiple projects including commercial refinancing Refinancing An extension and/or increase in amount of existing debt. , construction loans and condo conversions Generally stated, a condo conversion is a process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individual for sale units. . Our success in driving $120 million in loans last year demonstrates our commitment to fast underwriting and fast funding thus helping our clients meet their financial goals, said Jeffrey Lubin, President of Scripps Investments & Loans. We are committed to being an extremely responsive real estate financing resource in California and help fund projects with challenging construction financing needs. Recent transactions in 2003 include a $10 million loan to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. of 63 acres of land for the development of a luxury senior independent living project in Palm Desert; a $4 million acquisition loan of a 20 unit condo-approved building for final conversion in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. ; a $5.2 million construction loan for a 32 unit condo conversion in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ; and a $5.5 million tentative map land loan for processing a 222 unit single-family residence project in Oceanside. Loans can be initially underwritten, going out for review and funding within 5 days, which demonstrates the efficient service Scripps Investments & Loans team can provide. Lubin said that Scripps Investments & Loans prides itself on the ability to provide creative solutions for hard to finance projects coupled with unsurpassed service. The firm s management team includes Jeffrey Lubin, President; Steven Romanoff, Executive Vice President, General Counsel; Mitchell Brodie, Executive Vice President, Operations; Jerry Jageman, Vice President Investor Relations Investor relations The process by which the corporation communicates with its investors. , Barry Ruderman, Executive Vice President Underwriting and Cheryl Bonnet, CFO See Chief Financial Officer. . This information was provided by Scripps Investments & Loans. For more information, call (858) 459-3046 or visit the website at www.scrippsil.com. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion