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Venture West Funding Arranges $27.338 Million Financing Package
El Segundo, Calif.-(BUSINESS WIRE) – September 13, 2004—Southern-California-based Venture West Funding, Inc. announced that the firm has completed the placement of a $27.338 million loan package on 16 apartment buildings in Hollywood, Santa Ana and the South Bay area of Los Angeles. The 16-property portfolio contains 570 apartment units ranging in building size from 8 to 81 units. Brian Horner of Venture West arranged the financing for one of Los Angeles’ largest apartment owners. The financing was arranged through Greystone Servicing Corporation, a major Fannie Mae DUS (delegated underwriting service) and FHA lender based in Memphis, Tennessee.
"The client had a number of variable rate or short-term fixed rate loans on these properties. The borrower was concerned about future interest rate increases and took advantage of this low rate, low cost loan program to lock in a long term fixed rate loan. We secured 10-year fixed rate loans for the package at 6.02% and the borrower paid no points or closing costs. Additionally, the borrower was able to avoid the typical Fannie Mae impound and reserve requirements which made the program that much more attractive”, according to Horner, a principal of the firm.
“This large package of loans is an example of us working together with our clients to eliminate the threat of higher interest rates and reduced cash flow. Our ability to offer a low cost array of real estate financing options together with customized solutions is what won Venture West the business,” added Horner.
Venture West Funding was founded over 10 years ago, and has funded in excess of $2.5 billion in loan volume during the past three years. 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 2301 Rosecrans Avenue, Suite 3100, El Segundo, California (310.706.4460). The firm also maintains a full service office in Orange County at 2 Park Plaza, Suite 220, Irvine, California (949.475.5573).
CONTACT: Venture West Funding
Brian Horner
(310) 706-4460
Fax: (310)
848-6015
bhorner@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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