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Venture West Funding Arranges $10.08 Million Financing Package
El Segundo, Calif.-(BUSINESS WIRE) – March 16, 2005—Southern-California-based Venture West Funding, Inc. announced that the firm has completed the placement of a $10.085 million loan package on several apartment buildings in Long Beach, Calif. The properties contain 88 units and are valued at nearly $16 million. Chris Hutchison of Venture West arranged the financing with First Federal Bank for a local Southern California apartment investor.
According to Hutchison, “The investor owns numerous apartment and commercial properties in Los Angeles and Orange counties as well as in Nevada. He specializes on first-class properties in prime locations and has been an apartment owner in the Long Beach area for more than 30 years.”
“The key features of this loan package were the fast closing and the client’s need for specific funding requirements,” added Hutchison. “We closed in less than 35 days and we were able to structure the custom loan features to meet his requirements.” The 30-year adjustable-rate mortgage was funded on a low margin COFI index together with a low overall rate cap.
Venture West Funding was founded nearly 10 years ago, and has averaged nearly $1 billion in annual loan originations in recent years. Venture West is one of the largest firms of its kind operating throughout Southern California, and specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Venture West is headquartered at 2301 Rosecrans Avenue, Suite 3100, El Segundo, California, 90245 (310.706.4450). The firm also maintains a full service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California, 92614 (949.475.5573).
CONTACT: Venture West Funding
Chris Hutchison
(310) 706.4450, Extension 222
chutch@ventwest.com
www.venturewestfunding.com
or
Santley Associates
Tom Santley
Phone or Fax (626) 441-4594
tsantley@socal.rr.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding
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