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                                     EXHIBIT
                                      10.38


             Loan Agreement, dated as of December 31, 1997, between
                          the Company and Paul Bagley.


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                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT ("Agreement") is made as of the 31st day of
December, 1997, between Consolidated Capital of North America, Inc., a Colorado
corporation ("Borrower") and Paul Bagley ("Lender").

                                     RECITAL

         Borrower has requested that Lender make a loan to or for the benefit of
Borrower in the amount of $75,000.00, and Lender is willing to do so on the
following terms and conditions.

         NOW, THEREFORE, in consideration of the foregoing and of the terms and
conditions contained in this Agreement, Borrower and Lender agree as follows:

         1.       LOAN.

         1.1 Loan. Subject to all of the terms and conditions contained in this
Agreement, Lender agrees to advance to Borrower, on the date hereof, the
principal sum of $75,000.00 (the "Loan"). The Loan shall be evidenced by and
repayable in accordance with the terms of Borrower's promissory note ("Note"),
the form of which is attached as Exhibit A.

         1.2      Equity Shares.  (a) As additional consideration for the 
advancement of the Loan, Borrower shall issue to Lender Common Shares of 
Borrower as follows:  33,334 Common Shares upon  advancement of the Loan
(the "Common Shares").

         (b) The Common Shares will not be registered under the Securities Act
of 1933, as amended (the "Securities Act"), and accordingly, will constitute
"restricted securities" for purposes of the Securities Act and Lender will not
be able to transfer such Common Shares except upon compliance with the
registration requirements of the Securities Act and applicable state securities
laws or an exemption therefrom. The certificates evidencing the Common Shares
shall contain a legend to the foregoing effect.

         (c) Borrower, shall upon the demand of any holder of the Common Shares,
file a registration statement with the SEC to permit the sale of the Common
Shares by the holders of such shares from time to time. The holders of the
Common Shares shall also have "piggyback" registration rights.

         2.       CONDITIONS TO THE LOAN.

         2.1 Documents. The making of the Loan is conditioned upon the execution
and/or delivery to Lender of the following agreements, instruments and documents
by the parties thereto: (a) this Agreement; (b) the Note; and (c) a stock
certificate for 33,333 Common Shares of Borrower issued in the name of Lender.



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         2.2 Representations and Warranties. All representations and warranties
contained in this Agreement shall be true in all material respects on and as of
the date of the making of the Loan as if such representations and warranties had
been made on and as of such date.

         3.       REPRESENTATIONS AND WARRANTIES.

         3.1 Representations and Warranties of Borrower. Borrower represents and
warrants that as of the date of the execution of this Agreement:

         (a) Existence. Borrower is a corporation duly organized and in good
standing under the laws of the State of Colorado and is duly qualified to do
business and is in good standing in all states where such qualification is
necessary, except for those jurisdictions in which the failure to qualify would
not, in the aggregate, have a material adverse effect on Borrower's financial
condition, results of operations or business.

         (b) Authority. The execution and delivery by Borrower of this Agreement
and the Note: (a) are within Borrower's corporate powers; (b) are duly
authorized by Borrower's board of directors; (c) are not in contravention of the
terms of Borrower's certificate of incorporation or bylaws; (d) are not in
contravention of any law or laws, or of the terms of any material indenture,
agreement or undertaking to which Borrower is a party or by which Borrower or
any of Borrower's property is bound; (e) do not require any governmental
consent, registration or approval; (f) do not contravene any contractual or
governmental restriction binding upon Borrower; and (g) will not result in the
imposition of any lien, charge, security interest or encumbrance upon any
property of Borrower under any existing indenture, mortgage, deed of trust, loan
or credit agreement or other material agreement or instrument to which Borrower
is a party or by which Borrower or any of Borrower's property may be bound or
affected.

         (c) Binding Effect. This Agreement and the Note set forth the legal,
valid and binding obligations of Borrower and are enforceable against Borrower
in accordance with their respective terms.

         3.2     Investment Representations of Lender. Lender represents and 
warrants to Borrower as follows:

         (a) Lender acknowledges that you have advised Lender that the Common
Shares have not been registered under the Securities Act or any other securities
regulation laws of any state and that your reliance on the availability of
certain exemptions from registration is based in part on the representations
made by Lender in this Agreement.

         (b) Lender hereby represents to you that Lender is acquiring the Common
Shares for the account of Lender for investment only and not with a view to
resell or otherwise distribute such Common Shares, and that Lender is not
acquiring the Common Shares on behalf of any other person or entity. Lender
further represents that Lender does not intend to resell, transfer or dispose of
all or any part of the Common Shares without registration under the Securities



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Act or without an opinion from counsel acceptable to Borrower, that registration
is not required, and Lender represents that it is able to bear the economic risk
of this investment for an indefinite period of time under these circumstances.

         (c) Lender further acknowledges that the Common Shares are "restricted
securities" as that term is defined in Rule 144 of the General Rules and
Regulations under the Securities Act. Lender understands that stop transfer
instructions will be issued to the transfer agent for Borrower's stock, and
Lender consents to the placing of a legend in substantially the following form
on the back of the certificate issued to Lender:

                  THE SHARES REPRESENTED BY THIS STOCK CERTIFICATE HAVE BEEN
                  ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933,
                  AS AMENDED, OR ANY OTHER STATE LAWS REGULATING THE ISSUANCE OF
                  SECURITIES AND ARE PURCHASED PURSUANT TO AN INVESTMENT
                  REPRESENTATION BY THE PURCHASER THEREOF. THESE SHARES SHALL
                  NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, DONATED, OR
                  OTHERWISE TRANSFERRED, WHETHER OR NOT FOR CONSIDERATION, BY
                  THE PURCHASER IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
                  STATEMENT FOR SUCH SHARES EXCEPT UPON THE ISSUANCE TO THE
                  COMPANY OF A FAVORABLE OPINION OF ITS COUNSEL TO THE EFFECT
                  THAT SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE SECURITIES
                  ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

         (d) Lender agrees to hold harmless and indemnify Borrower for any and
all liabilities resulting to it through violation by Lender of the above
warranties and representations.

         4.       DEFAULT AND RIGHTS AND REMEDIES.

         4.1 Default and Rights and Remedies. Upon the occurrence of default,
Lender shall have the rights and remedies set forth in the Note and the rights
and remedies available to Lender under applicable law.

         5.       MISCELLANEOUS.

         5.1 Reliance by Lender. All covenants, agreements, representations and
warranties made by Borrower shall, notwithstanding any investigation by Lender,
be deemed to be material to and to have been relied upon Lender.

         5.2 Parties. Whenever in this Agreement there is reference made to any
of the parties, such reference shall be deemed to include, wherever applicable,
a reference to the 



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respective successors and assigns of Borrower and Lender.

         5.3 Applicable Law; Severability. THIS AGREEMENT SHALL BE CONSTRUED IN
ALL RESPECTS IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS AND DECISIONS OF THE
STATE OF COLORADO. EACH PARTY TO THIS AGREEMENT HEREBY CONSENTS TO JURISDICTION
AND VENUE IN ANY CONTROVERSY INVOLVING THIS AGREEMENT IN FEDERAL OR STATE COURT
SITTING IN THE CITY OF DENVER, COLORADO. Wherever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of such provisions or the remaining provisions of this Agreement.

         5.4 Maximum Interest. It is expressly stipulated and agreed to be the
intent of Borrower and Lender at all times to comply with the applicable law
governing the maximum rate of interest payable on or in connection with all
indebtedness and transactions hereunder (or applicable United States federal law
to the extent that it permits Lender to contract for, charge, take, reserve or
receive a greater amount of interest). If the applicable law is ever judicially
interpreted so as to render usurious any amount of money or other consideration
called for hereunder, or contracted for, charged, taken, reserved or received
with respect to any loan or advance hereunder, or if acceleration of the
maturity of the Loan or the indebtedness hereunder or if any prepayment by
Borrower results in Borrower's having paid any interest in excess of that
permitted by law, then it is Borrower's and Lender's express intent that all
excess cash amounts theretofore collected by Lender be credited on the principal
balance of the Loan (or if the Loan has been or would thereby be paid in full,
refunded to Borrower), and the provisions of this Agreement immediately be
deemed reformed and the amounts thereafter collectible hereunder reduced,
without the necessity of the execution of any new document, so as to comply with
the applicable law, but so as to permit the recovery of the fullest amount
otherwise called for hereunder. The right to accelerate maturity of the Loan
does not include the right to accelerate any interest which has not otherwise
accrued on the date of such acceleration, and Lender does not intend to collect
any unearned interest in the event of acceleration.


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         IN WITNESS WHEREOF, this Agreement has been duly executed as of the day
and year first above written.

                                                     CONSOLIDATED CAPITAL OF
                                                     NORTH AMERICA, INC.
                                                     a Colorado corporation

                                                     By: /s/ Donald R. Jackson
                                                        ------------------------
                                                              Donald R. Jackson
                                                              Treasurer


                                                     By:   /s/ Paul Bagley
                                                        ------------------------
                                                              Paul Bagley