VWF Arranges $16.7 Million in Loans with Sterling Savings Bank
Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged six loans totaling $16.7 million for the refinance of six apartment buildings in Inglewood, CA.
The portfolio of loans was arranged by Dave Meis, senior loan officer of Venture West Funding’s Orange County office for a Los Angeles-based private investor. The buildings consist of six separate complexes totaling 208 units, a non-contiguous portfolio of 1960’s and 1970’s apartment buildings. All of the buildings were renovated in 2009 and 2010. The loans provided the owner non-recourse financing at maximum leverage. According to Meis, “Sterling Savings Bank is one of the few portfolio lenders offering non-recourse loans at higher leverage in the market today.”
“We secured 5-year fixed loans with 30-year amortization and 30-year maturity at a competitive rate below 4.75%. Since our lender underwrites at today’s low fixed rate, the program allows for higher leverage than most of the competitors,” said Meis.
Published: July 06, 2011