- Venture West Funding, Inc., a mortgage company headquartered in Manhattan Beach, CA announced it has arranged loans totaling $7.8 million for the refinance of four apartment buildings located in Glendale and Pasadena, CA. The four properties contain 76 units, built between 1962 and 1987 and are currently 98% occupied. Jean-Marc Herrouin, senior loan consultant, and Matt Douglas, principal, of Venture West Funding arranged the financing through Greystone Servicing Corporation, Inc., a major Fannie Mae DUS (delegated underwriting service) and FHA lender based in Memphis, Tennessee.
The borrower is a local investor who owns and manages several buildings in the Pasadena/Glendale market. Timing was critical with expiring pre-payment penalties on existing loans and the volatility of rates in the last 60 days.
“We were able to fully satisfy the borrower’s objectives by securing 7-year and 10-year fixed rate, non-recourse loans with competitive rates and cash-out,” according to Herrouin.
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).
Venture West Funding, Inc.
Tom Santley, 626.441.4594
Published: January 18, 2011