In troubled economic times, with foreclosures making most of the headlines, it is nice to sometimes read about someone actually receiving a new loan. Four apartment buildings located in Glendale and Pasadena, California will have that chance, thanks to a $7.8 million finance package from Venture West Funding.
The four buildings have 76 units, 74 of which are occupied, having been built between 1962 and 1978. Venture West was able to arrange the loan through Greystone Servicing Inc., a Fannie Mae delegated underwriting service (DUS), and an FHA lender from Memphis, TN.
By securing 7 and 10-year fixed rate loans, Venture West managed to accommodate the apartments' private owner, who was under the gun to get a new loan as quickly as possible.
“We were able to fully satisfy the borrower’s objectives by securing 7-year and 10-year fixed rate, non-recourse loans with competitive rates and cash-out,” said Jean-Marc Herrouin, senior loan consultant, who, along with Matt Douglas, principal, sealed the deal.
With 13 years of loan experience, Venture West Funding has arranged more than $6 billion in loans for apartment buildings, businesses, and single-family homes. Venture West Funding operates out of Manhattan Beach, California.