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Venture West Funding Arranges $35.4 million Package
of Apartment Loans in the
Westside of Los Angeles
El Segundo, Calif.-(BUSINESS WIRE) – June 14,
2004--Southern California-based Venture West Funding,
Inc. announced today that the firm has completed the
placement of a $35.4 million loan package, covering
ten West Los Angeles apartment buildings, for one of
the area’s largest property owners. This package
of loans refinanced existing first mortgage loans on
buildings located in Santa Monica, Beverly Hills and
Westwood, California. Larry Cole of Venture West arranged
the financing through Quaker City Savings Bank, obtaining
terms that were generally superior for the borrower
than he could have obtained otherwise.
According to Larry Cole of Venture West, "We
were able to fully satisfy the borrower’s objectives
in these financings – including low margins over
the COFI index, non-recourse to the borrower, and substantial
leverage. Our extensive network of active portfolio
lenders provided us with the widest possible selection
of sources for financing these properties, and our well-established
relationship with Quaker City allowed us to work closely
and productively with Quaker City’s senior lending
personnel to fashion a mutually beneficial financing."
Venture West Funding was founded nearly 10 years
ago, and exceeded $1.0 billion in loan volume during
2003. Venture West 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 is headquartered
at 2101 Rosecrans Avenue, El Segundo, California (310-364-3131).
The firm also maintains a full service office at 9 Executive
Circle, Irvine, California (949-475-5573).
CONTACT: Venture West Funding
Larry Cole
(310) 364-3131 Extension 233
Fax: (310) 943-2169
Lcole@ventwest.com
www.venturewestfunding.com
or
Santley Associates
Tom Santley
Phone or Fax (626) 441-4594
tsantley@socal.rr.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
SOURCE: Venture West Funding
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