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Venture West Funding Arranges $14.675 Million Loan on Five No. San Diego County Apartment Buildings
El Segundo, Calif.-(BUSINESS WIRE) –October 27, 2007 – Southern California-based Venture West Funding, Inc. announced it has completed the placement of a $14.675 purchase and refinance portfolio loan on five apartment buildings in North San Diego County, CA. The five Class-A apartment buildings contain 133 units total. Chris Hutchison & Maggie Vineyard of Venture West Funding arranged the financing for a private investor and property owner with a large Southern California-based portfolio lender.
According to Ms. Vineyard “We secured a five-year, fixed rate interest-only loan. This loan allowed the client to maximize his cash flow with interest-only payments at a rate under 6.0%. In addition, the minimal prepay offered him greater flexibility if he decides it is not a long-term hold.”
"Despite the general real estate credit crunch and the tightening of underwriting standards by lenders, we have relationships with numerous commercial banks and portfolio savings banks that continue to win such loans typically targeted for the life insurance companies and conduits. Venture West’s relationships with many lending institutions allows us to offer a variety of very competitive products and our team has already exceed last year’s volume in total loan originations,” concluded Hutchison.
Venture West Funding was founded nearly 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
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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