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Venture West Funding arranges $9.98 million in loans with Capital Source Bank
MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--June 24, 2010 - Venture West Funding, Inc., a mortgage company headquartered in Manhattan Beach, CA announced it has arranged a $4.78 million loan for the purchase of a 36-unit USC student housed complex in Los Angeles, CA and a $5.2 million refinance of a 32-unit apartment building in Newport Beach, CA through CapitalSource Bank.
The USC student housing, arranged by Don Simkins, Senior Vice President and Regional Manager of Venture West Funding’s Orange County office, consists of a four-building, non-contiguous portfolio of 1950s and 1960s student housed apartment buildings. The portfolio was recently renovated in 2009. The loan was just under 70% loan-to-value and provided the syndicators non-recourse financing at maximum leverage. According to Simkins, “CapitalSource is one of the only portfolio lenders offering non-recourse loans in the market today.”
“We secured a 5-year fixed with 30-year amortization and 15-year maturity at a competitive rate below 6%. Since we can underwrite at the initial fixed rate, the program allows for higher leverage than most of their competitors,” said Simkins.
Wes Lewison, Senior Loan Consultant for Venture West Funding, arranged the loan on a 32-unit apartment building consisting of 9 buildings, primarily 2-3 bedroom units ranging in size from 1,200-1,400 square feet. The complex was built in 1953 and renovated in 2007. The loan fulfilled all of the borrower’s requirements – 5-year fixed with 30-year amortization, non-recourse at today’s favorable rates, and flexible prepayment penalties.
In the first six months of 2010, Venture West Funding has arranged and funded numerous loans with CapitalSource Bank, which is lending on loan amounts from $750,000 to $10.0 million on stabilized, well-located properties in California. The goal for the next 12 months is $250 million in new loan originations. According to Matt Douglas, principal of Venture West Funding, “We’re pleased to be partnered with CapitalSource Bank. It is a great opportunity to capture significant market share, especially in today’s challenging credit markets. It is also refreshing to have access to a bank with excess capital ready to lend.”
CapitalSource Bank is a wholly owned subsidiary of Capital Source, Inc., a commercial lender catering to middle market businesses. CapitalSource Bank operates with capital in excess of $915 million, assets of $6.1 billion, and is one of the safest, most secure financial institutions today. Capital Source Bank is headquartered at 633 W. 5th Street, Suite 3300, Los Angeles, CA 90071 (888.433.4272).
Venture West Funding was founded more than 13 years ago and has placed more than $6.0 billion in loan originations since 2002. Venture West Funding 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 Funding is headquartered at 1500 Rosecrans Avenue, Suite 312, Manhattan Beach, California 90266 (310.706.4450). The firm also maintains a full-service office in Orange County at 31371 Rancho Viejo Road, Suite 101, San Juan Capistrano, California 92675 (949.218.4002).
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding |
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