Monday, February 22, 2010
Mobile Home Park Loans with La Jolla Bank
Regulators closed La Jolla Bank FSB on Friday amid allegations a portfolio that included $786 million, or 21% of its assets, as "Non-performing" loans; and a severe lack of capital to backs its investments. Irronically the Mobile Home Park Loans from all indications had little to do with this. Park loans tend to be more stable with strong underwritting guildlness. The new operator will benifit from the stability of the Mobile Home Park Loan Assets in our opinion.