El Segundo, CA - (BUSINESS WIRE) - July 30, 2014
Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged a total of $11.30 million in loans for the refinances of 652 Veteran Avenue, Los Angeles, CA and 114 N Doheny Drive, West Hollywood, CA. Built in 1953, the 23-unit Veteran Avenue property is located adjacent to the UCLA campus. The 28-unit Doheny Drive property was built in 1992 and features a pool and first class amenities. Both properties are exceptionally maintained and professionally managed. The borrower is an affiliate of Xenon Investment Corporation, an experienced multi-family investor in the Los Angeles market.
Matt Douglas and Tyler Bradford of Venture West Funding arranged the financing through Bank of the Internet Federal Bank. The 5-year fixed loans included flexible pre-payment structures and low third party fees. Additionally, the loans featured low underwriting rates which provided maximum cash-out for the client. According to Bradford, "We analyzed the cash-flow of the properties with the 5 most competitive portfolio lenders in our market; Bank of Internet was the most aggressive based on their underwriting guidelines and low interest rates. Our client met their cash-out needs to support their successful multi-family investing strategy.” The Venture West team worked closely with the borrower and lender to ensure a successful and efficient loan closing.
Venture West Funding was founded more than 17 years ago and has placed more than $8 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 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
Matt Douglas, 310-706-4462
Tyler Bradford, 310-706-4458
Tom Santley, 626-441-1445
Published: July 30, 2014