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Venture West Funding Arranges $8 Million Package of Apartment Loans in San Gabriel Valley
El Segundo, Calif.-(BUSINESS WIRE) – September 18, 2007 – Southern California-based Venture West Funding, Inc. announced it has completed the placement of an $8.04 million refinance loan portfolio on four San Gabriel Valley, CA apartment buildings. with 76 total units. The loans refinanced a total of 76 units located in Glendale and Pasadena, California. Jean-Marc Herrouin and Matt Douglas of Venture West Funding arranged the financing through First Federal Bank of California, obtaining terms that were generally superior for the borrower than he could have obtained from other funding sources.
According to Herrouin of Venture West, "We were able to fully satisfy the borrower's objectives – including a low five-year fixed rate, flexible prepay penalties, roll margins over COFI index, and cash-out to the borrower.” Matt Douglas explained how this was possible given the mortgage credit crunch, “Our extensive network of active portfolio lenders provided us with the widest possible selection of sources for financing these properties, and our well-established relationship with First Federal allowed us to work closely and productively with the bank’s senior lending personnel to fashion a mutually beneficial financing."
Venture West Funding was founded over 18 years ago and has funded more than $5 billion in loan volume since 2002. 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
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding |
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