EL SEGUNDO, Calif.--(BUSINESS WIRE)--SJM Mohome, LLC, an investor group organized by Matt Douglas, Principal of El Segundo CA-based Venture West Funding, will focus on purchasing portfolios of mortgage loans on mobile homes. “Among the changes caused by the Covid-19 pandemic, we have seen renters in densely populated cities eager for more space and the pride of homeownership, and the mobile home market is flourishing,” said Douglas.
According to Douglas, “This first portfolio was owned by a trust which was eager to liquidate and donate the proceeds to charity, so SJM Mohome, LLC acquired the loans. The majority of the mobile homes are located in Southern California. The portfolio is performing well with satisfactory yields. We’re looking for more opportunities like this to grow the SJM Mohome portfolio to 500-1000 loans,” added Douglas.
Venture West Funding is one of the largest firms of its kind operating in Southern California and has placed more than $10 billion in loan originations since its founding more than 20 years ago. VWF specializes in providing mortgage loans secured by apartment buildings, commercial properties, and single-family homes.