VWF Arranges Three Loans Totaling $20.2 Million for Five Apartment Buildings
El Segundo, CA – (BUSINESS WIRE) – May 2, 2013 - Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it arranged loans totaling $20.2 million for the refinance of five apartment buildings located in the West Los Angeles area of California. The loans were funded through Chase Bank, Sterling Savings Bank, and Capital Source Bank for five single-asset entities.
The managing members of the five entities are Chris Liebes, a real estate investor based in Brentwood, CA and Hugh Evans, a founding partner with Partner’s Trust. Matt Douglas, of Venture West Funding, and his team worked closely with all three lenders to ensure a smooth execution. The non-recourse, cash-out loans were secured at very competitive 5 and 10-year fixed rates.
“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” according to Douglas. “The borrowers timed their refinancing well in this low interest rate environment.”
The 116 units divided between five buildings are of similar vintage amenities and range from 10 to 39 units. The properties were built between 1959 and 1968 and are located in beautiful, affluent communities, close to an abundance of entertainment and dining options. The units range from 600 to 1,500 square feet with several different floor plans. All five properties are managed locally by the borrower’s management company, Moss and Company.
Venture West Funding was founded more than 15 years ago and has placed more than $7.6 billion in loan originations since 2001. 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 2301 Rosecrans Avenue, Suite 3170, El Segundo, California 90245 (310.706.4450). The firms also maintains a full-service office in Orange County at 31371 Rancho Viejo Road, Suite 101, San Juan Capistrano, California 92675 (949.218.4002).
