The Santa Barbara Commercial Fund, LLC (“SBCFund”) is a boutique commercial lending fund that bridges the gap between traditional bank financing and private collateral based financing. As the manager of the SBCFund, KJacobsen Capital, LLC (“KJCapital”), brings 50+ years of local commercial banking experience and contacts to a private lending platform that offers timely decision-making and flexible financing to borrowers. For investors seeking passive income and looking to invest in their community the SBCFund provides an alternative income investment opportunity.
Owner & Manager of KJacobsen Capital, LLC
(KJCapital is the Manager of SBCFund)
CA Finance Lender License #60DBO 74240
CA BRE Broker License #02041417
Ken grew up in New Jersey and came to Santa Barbara in 1991 to attend Westmont College. Upon graduation with a degree in Economics & Business, Ken enjoyed a commercial banking career that covered three of the premier community banks in Santa Barbara County including; Santa Barbara Bank & Trust (1996-2000), Mid-State Bank & Trust (2000-2009), and most recently American Riviera Bank "ARB" (2009-2016) where Ken served as the Executive Vice President/Chief Credit Officer of the Bank. Under Ken's leadership, the assembled credit team at the "de novo" ARB established a strong credit culture. In 2009, the team took over a ~$100mln commercial loan portfolio that was experiencing stress from loans underwritten in 2007-2008. Over the following 7 years, under Ken's direction, the team restructured & developed in excess of $450M in commercial loans in the Santa Barbara marketplace. ARB provided timely credit to a Santa Barbara marketplace that lacked bank lending from the big retail banks and local community bank failure/consolidation. The majority of ARB’s secured commercial lending activities involved commercial real estate, however ARB successfully added a new residential lending platform in 2012 that underwrote portfolio & brokered mortgages. Upon Ken's resignation in July 2016 the Bank had a loan portfolio of in excess of $350M and was rated a Super Premier performing designation (2016 by The Findley Reports). Ken's experience involves, managing existing loans & relationships, business development & loan production, credit administration, loan servicing, appraisal ordering & review, lending compliance, and special assets administration. First and foremost, character matters to Ken and he's honest & trustworthy. He specializes in negotiating "win-win" deals for the client & the lender and making timely decisions. Ken looks forward to better serving clients through this private platform.
Relationship Specialist for KJCapital
Irene and Ken first met at Santa Barbara Bank & Trust in 1997 where Irene provided Credit Support to the Commercial Real Estate Group at Santa Barbara Bank & Trust. Irene would go on to work at Mid-State Bank & Trust, Rabobank, and American Riviera Bank. Irene has extensive experience in credit files/due diligence, title & escrow, loan documentation & servicing, notary services and interacting with clients throughout the loan process. She’s a valued team member!
Relationship Manager for KJCapital
Christina has over 12 years of commercial banking experience providing credit support for client relationships involving lines of credit, term loans, construction and development financing, and various forms of real estate secured loans, both commercial and residential.
Christina began her career with Ken and Irene at Midstate Bank & Trust (now Rabobank) as a Credit Assistant in the Commercial Lending Group in 2005. In 2009, she joined American Riviera Bank as a Credit Assistant and later became Supervisor for the Credit Support Team and oversaw Construction Loans & Fund’s Control. Christina’s ability to work efficiently with developers and contractors in the fund control process allowed the bank to develop an extensive construction loan portfolio.
Christina is a proud Santa Barbara native who was born and raised in our beautiful coastal city. Family comes first for Christina, as she is happily married with four children and two grandchildren. She enjoys virtually all outdoor activities such as biking, playing softball, hiking and going to the beach. Christina earned an Accounting/Bookkeeper Certificate from Santa Barbara City College and is currently working toward her B.A. in Business Administration.
SUSAN BROOKE THOMPSON
Counsel/Advisor for KJCapital
Since 2001, Susan Brooke Thompson has focused her law practice on the representation of financial institutions and investment bankers in real estate related financial transactions, acquisitions and dispositions, commercial leasing, loan sales, inter-creditor finance structuring, troubled debt restructures and workouts, including deed in lieu transactions, short sales, forbearance transactions, troubled debt restructures, settlements and other restructuring transactions. Susan’s legal experience also includes construction financing, bridge lending, mezzanine lending, corporate formation and alteration. Prior to opening her law firm in 2006, Susan served as in-house counsel to a California state chartered bank for numerous years, documenting and negotiating complex financial transactions, handling special assets, foreclosures, REO sales, loan workouts, loan sales and settlements, providing regulatory advice and assisting with general corporate legal matters. Susan received her B.A. in Economics from the University of Montana in 1995 and her J.D. degree from the University of Montana School of Law in 1998. Ken & Susan have a working relationship dating back 15 years to Mid-State Bank & Trust.
Advisor to KJCapital
SB Real Estate Developer & Entrepreneur
A graduated Cum Laude with a BA in Economics from Whitman College in 1981. After a year of travel in Europe Peter came to Santa Barbara to work as a laborer for a general contractor his older brother Kirk Lewis. Like many visitors, the beauty of the south coast and quality of life provoked efforts to find roots and a living above subsistence. As a result, Peter began a life of entrepreneurship In Santa Barbara. In 1982 Peter Co-Founded Firenze Designs, Inc. which became a leading manufacturer of women’s and men’s apparel specializing in leather and suede outerwear and sportswear. The company grew to have factories in Santa Barbara, Santa Maria and Mexico and maintained import offices in Hong Kong, China, and South Korea peaking with annual sales of 70 million in 1994. Real Estate development related to building factories, retail stores, and showrooms, in CA and New York led Peter to another career, real estate development. For the past 20 years, Peter has developed and managed a wide range of real estate projects comprising industrial, retail, live/work, medical office, apartments, mixed-use, shopping centers, and residential condos in CA, NM, MT, and Idaho. Peter has managed all phases of real estate development from acquisition, design, and financing, and construction oversight, property management. Peter has worked with Ken since 1999. This first of many projects that Peter and Ken worked together was the financing of a Live/Work project overlooking Carpinteria State Beach. This project required banker creativity and flexibility as it was not a product with comparable sales or performance. This project demonstrated Ken’s ability to think macro and outside of the box. As a result, Peter has always made a concerted effort to follow Ken to other institutions recognizing his unique skills as a banker to navigate opportunity where others see challenge.
Advisor to KJCapital
Jack has been a long-time resident of Minnesota, spent his formative years in St. Paul, and his business career was with companies in the Greater Minneapolis-St. Paul area. After graduating from the University of Wisconsin – River Falls with a degree in Economics, Jack started his business career with Control Data Corp. which was a young computer company at the time. He was in Magnetic Peripherals Division-Purchasing group. With a desire to be in sales and marketing, Jack moved on to Xerox Corporation where he was a salesman for 4 years in their copier division. In a promotion to a marketing staff position, Jack was a Sr. consultant in the Xerox Consulting Service that supported the Midwest Region for the next 2 years. In 1978, Jack joined Dataserv Equipment, a remarketer of pre-owned IBM computer equipment where he had success buying, selling, and leasing IBM computer equipment and systems; he became Vice President of the company. In 1982, Jack and 2 colleagues from Dataserv, became the founders of a new company, Winthrop Resources Corp.; they specialized in equipment leasing transactions that included both pre-owned and new IBM computer equipment. For 10 years, Winthrop operated as a private company as the business grew significantly by having strong relationships with IBM sales reps throughout the country. Jack was a strong revenue producer for the Company and also created and managed their lucrative point of sale (POS) sales group. With a need to find more cost-effective debt for their leases, Winthrop completed an IPO under the symbol (WINR). The company grew to over 100 employees and retained over $300 million in assets. In 1997, the company was purchased by a Minneapolis based bank. TCF Financial, for $340 million. Jack stayed on during the transition as Senior Vice President until 1999 when he retired from TCF Financial.
Jack and his retired partners then started Rush River Group, an investment company that made strategic investments in both public and private companies. The company made an impact on impact on numerous companies until it was liquidated, by choice, in 2012. From the early 1990’s the Norquals have been active in Philanthropy through the Jack and Gretchen Norqual Foundation, mainly in Santa Barbara, California and in Minnesota. Jack has been an active board member of the USA Hockey Foundation for 18 years where he also serves as its Development Chair. He was instrumental in bringing ice skating to the Santa Barbara area as the Campaign Chair of the Greater Santa Barbara Ice Skating Association. Currently, Jack serves as the Board Chair of Ice in Paradise which oversees the operation of 2 rinks at Ice in Paradise, located in Goleta, CA. The long term financing was secured through the American Riviera Bank of Santa Barbara and that is where Jack met Ken Jacobsen. Ken displayed great professionalism as his lending skills created the financing program that enabled Ice in Paradise to move forward and be built. Without the efforts of Ken and ARB, he would not have been able to secure the financing that was needed to complete this $12 million ice arena that serves the people of the Greater S.B. area. Ken has the experience that is necessary to complete high quality lending to the customers that require his services.