LA JOLLA, Calif., Aug. 23 /PRNewswire/ -- Scripps Investments & Loans, a private money lender in La Jolla, California provided Palisades Truckee, Inc. with $14 Million in construction financing for a residential development project in Truckee, California. The financing was structured as a 12 month loan secured by a first trust deed on the real property.
Scripps is one of California's leading private money acquisition, development, and construction lenders, having originated over $800 million in real estate loans since 1999, through a network of over 600 private and institutional investors.
The Palisades Truckee project is located on Palisades Drive, in Truckee, California. The project will consist of 34 town houses. The 3 bedroom, 2.5 bath units will average approximately 1900 square feet, with 2-car attached garages. "The Palisades Truckee loan was an excellent niche opportunity to provide construction financing in an established Northern California resort market," said Scripps' President, Jeff Lubin. "We saw this as a small in-fill project in an area with solid historical values and a relative lack of new product. The combination of fundamentals made this a sound investment opportunity for our investors."
About Scripps Investments & Loans, Inc.:
Scripps provides financing for real estate acquisition and development, residential and commercial construction, condo conversions, and commercial and multi-unit residential income properties. For additional information on Scripps Investments & Loans, Inc., please call (858) 866-6300 or visit the website at http://www.scrippsil.com/.
CONTACT: Kyle Ward of Scripps Investments & Loans, Inc., +1-858-866-6300
Web site: http://www.scrippsil.com/
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