Success Story - Purchase and Construction Financing
Jim Lackey Associates has been helping clients obtain financing for a wide variety of needs since 2005. While much of our work focuses on "difficult" loans that can not be financed by institutional lenders, i.e., spec construction loans, cash-out refinances for business purposes, self-employed borrowers, etc., there are frequently instances where we encounter borrowers who can, in fact, obtain bank financing, but aren't sure who to approach. In these instances, we work with institutional lenders we believe can meet the client's needs. One such loan just closed this month; following is the background of the transaction.
A local San Diego real estate agent, Bob Angello from Willis Allen Real Estate, had a listing for a property in Solana Beach that was in escrow with a client who intended to demolish the home and construct a new one as his family's personal residence. The client's current bank was being "difficult" to say the least, and their continual delays were putting the purchase at risk. Furthermore, the client was led to believe that banks weren't doing construction loans, which gave the client further reason to hesitate on the purchase. Bob asked if we could help.
After meeting with the client, we quickly determined that we could arrange financing with a local bank who, in addition to financing the purchase, would also provide construction AND permanent financing through a "One Step Closing."
I am pleased to report that the construction loan has recently funded, demolition of the existing structure will take place within the next few weeks, and the client's new home will soon be under construction!
We welcome the opportunity to assist any clients who may be in need of our services, so please do not hesitate to contact us.
Client Testimonials
"PrideCo Secured Loan Fund is a $25mm asset-based lending fund located in Oakland, CA. We have business and real estate loans all across the United States. But without question, the best loans we have done, the best service we've received from a broker, and the best access to local deal flow has been with Jim Lackey. We employ three full-time underwriters and everyone would agree that loans that are originated by Jim are consistently high quality and ready-to-fund. It is a joke of ours that the best real estate loans we've made in the last 2 years, and this is because of Jim, have been in Southern California - considered one of the epicenters of the real estate meltdown. I would, without hesitation, recommend Jim Lackey to any investor."
B. Small, Oakland, CA
"I had been trying for months to secure financing for the construction of my new home, but without success. Jim was referred to me by a family friend, he got involved immediately and got things done, involving himself in every aspect of the process and coordinating a group of three private lending sources to get my loan funded and construction started. He was very responsive to phone calls and emails and because of his experience in the market place, confidently guided my wife and me through the many issues that always come up involving transactions such as ours. I would highly recommend Jim's services."
B. Jordan, Rancho Santa Fe, CA
"I have known Jim for nearly 20 years. I have invested with him and found the transactions to be straightforward and very profitable; in fact, our loan actually paid off earlier than expected so I received a higher ROI then was initially indicated. How often can one say that about investments they have made over the last few years?"
C. Fitch, Encinitas, CA
"I've known Jim personally for over 12 years and have worked with him on various business transactions over the past 4 years. Jim has presented all of the facts and risks, and has continually communicated with me in a very professional, timely manner. Jim's results have exceeded my expectations, and we've even remained good friends, which show that you can mix business with friendship. I would highly recommend Jim to anybody who is looking for a good investment or who is in need of a loan."
R. Wilson, San Diego, CA
"Thank you for helping us get financing on our most recent loan...and the two prior ones! You are well-connected and it always surprises us when we find out how many mutual business friends we have in common. You are thorough and get the job done. Since we are self-employed (even with perfect credit and a great income) we find it difficult, if not impossible, getting traditional financing. You always seem to find an investor who is a good fit for our needs. It is nice to know that your service exists...we look forward to working with you again in the future."
G. Jones, Olivenhain, CA
"I am a local business owner who over the past 30 years has had the opportunity to develop real estate to support my core business and to invest in many varieties of real estate related investments. I am a conservative investor. I have known Jim Lackey for six years and recently agreed to become a lender for a secured real estate development project Jim was engaged to fund for the borrower. Jim, as the loan originator, has been very impressive to work with. The due diligence process Jim supported with the various lenders involved in this project was impressive. In the end, the borrower, lenders and Jim had a very clear understanding of the terms of the loan, risks involved and level of security that was conservatively stated. While my first investment with Jim has not yet gone full cycle, the level of comfort and professionalism exhibited has been impressive. I look forward to a long and mutually-beneficial relationship with Jim's company."
M. Fischer, Rancho Santa Fe, CA
"While I have completed just one transaction with Jim, it was very successful and performed as expected. I will strongly consider investing with Jim on other deals in the future."
T. Arnett, San Diego, CA
"I have known Jim and worked closely with him for about 8 years. Jim is what every Broker should be...honest, ethical, thorough in his evaluation of every project and responsive. At any time, even after a project is completed, Jim always calls back. My return on real estate investments that Jim originated have been well above today's average returns. I will continue to work with Jim whenever the opportunity presents itself. Maybe most important of all, Jim is the ONLY Broker I know that does everything within his power to minimize the investor's risk. As someone who has invested with numerous Broker projects, that is a VERY rare commodity."
J. Morehouse, San Diego, CA
"Having recently completed the funding of a construction project for one of Jim Lackey's clients, I am very impressed with Jim's knowledge and professionalism in handling the transaction. Jim knows his clients, the project and how to structure the transaction so that all the parties reach their objectives. I look forward to my next transaction with Jim's company."
J. Paeske, San Diego, CA
"I was recommended to Jim by a local banker due to the speculative nature of the real estate project I was working on. Jim demonstrated professionalism from the beginning and followed up every step of the way. He introduced me to a qualified investor, guided me through the complicated loan document process and fund control. Even after the loan was in place, Jim was there to follow up and answer any questions."
S. Reeder, Encinitas, CA
"In today’s lending / financial market owing your own business is not viewed as favorably as it was a few years ago. To obtain a financial package for a home mortgage under this scenario requires someone who believes in you and what you have accomplished. Jim is that person! He worked his network to find the right individuals who could deliver. Jim stayed involved in the process the entire time and made sure those last minute surprises were adverted. I would certainly recommend anyone to use Jim’s services."
Vincent M, San Diego, CA
"In the current economic environment, it is increasingly difficult to find double-digit return investments that have a high margin of safety. One of the advantages of working with Jim is that he underwrites all his private loans with a keen eye towards protecting investors' principal. Jim consistently delivers attractive deals and provides excellent customer service. I highly recommend him."
C. D'Agostino, Jr. San Diego, CA
