EL SEGUNDO, Calif.–(BUSINESS WIRE)–Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged loans totaling $56.5 million for the refinance of six apartment buildings located in prime areas of Los Angeles. The class-A portfolio is owned and managed by a local real estate investor/developer, and consists of 210 total units, with buildings ranging from 13 to 92 units. The borrower acquired the six properties in the last 15 years and extensive upgrades have been completed on most of the units. The well-maintained properties feature first-class amenities, spacious units with upgraded kitchens, bathrooms and exteriors.
Matt Douglas of Venture West Funding secured the financing through First Foundation Bank. The non-recourse, cash-out loans were secured at a very competitive 5-year fixed rate interest only. According to Matt Douglas, “Together with First Foundation Bank, we were able to structure new loans to lower the payments and provide the borrower cash-out for future real estate investments.” The Venture West team worked closely with the borrower to navigate the challenges associated with the ongoing pandemic to ensure successful and efficient loan closings.
Venture West Funding was founded more than 20 years ago and has placed more than $10 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 2321 Rosecrans Avenue, Suite 1255, El Segundo, California 90245 (310.706.4450).