Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA announced it has arranged loans totaling $19.8 million for the refinance of four apartment buildings located in the Inglewood area of Southern California. The loans were funded through HomeStreet Commercial Capital.
Dave Meis and his team at Venture West Fundings Orange County office worked closely with the lender to ensure a smooth execution. The loans were secured at very competitive 5-year fixed rates amortized over 30 years. The four loans provided a significant amount of cash-out to the borrower. We were able to maximize loan proceeds through aggressive, common-sense underwriting, according to Meis. The borrower timed their refinancing well in this volatile interest rate environment.
The 163 units are divided between four buildings all of similar vintage, and range from 20 to 52 units. The properties were built between 1959 and 1968 and are located in Inglewood and unincorporated areas of Los Angeles. All four buildings are well maintained and professionally managed by Crystal Property Management.
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 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 (949.218.4005).
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