Pete Collins of Venture West, who arranged the funding, reports that the complexes comprise 329 units and are valued at approximately $25 million.
Collins lined up the financing with four financial institutions-Impac, Broadway Savings, Hawthorne Savings and Quaker Savings. The financing restructured loans on a large portion of the investor's portfolio and enabled him to buy three additional properties while increasing his cash flow, Collins says. Closing swiftly was important to the investor too, according to Collins, who says the loans all closed within 30 days.
The $17.6 million financing follows a year in which Venture West exceeded $1 billion in loan volume during calendar year 2003, a record for the company and 23% higher than the $839 million of loan volume produced by the firm during 2002. The company specializes in providing apartment, single-family and commercial mortgage loans to a wide variety of borrowers.
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