EL SEGUNDO, Calif.--(BUSINESS WIRE)--Venture West Funding, Inc., a mortgage company headquartered in El Segundo, CA, announced it has arranged a total of $28 million in financing to take out three construction loans on apartment buildings in Los Angeles. Two of the properties are located in Hollywood with the other in the Beverly Grove area of Los Angeles. The newly-built properties total 80 units and feature state-of-the-art amenities including tile/wood flooring, granite countertops, and stainless steel appliances. The borrowers are affiliates of Wiseman Residential, one of the largest multi-family developers on the westside of Los Angeles.
Matt Douglas of Venture West Funding arranged the financing through Luther Burbank Savings. The 5-year fixed rate loans include flexible pre-payment structures and low third party fees. The borrowers were fortunate to lock in rates in December prior to the dramatic rate increase. According to Mr. Douglas, "Our bank was able to fund as soon as the properties achieved stabilized occupancy.” Michael Cohanzad of Wiseman Residential stated, “Luther was able to take a common sense underwriting approach given the strong relationship and quality real estate.” The Venture West team worked closely with the borrowers and lender to ensure successful and efficient loan closings.
Venture West Funding was founded more than 19 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).