LOS ANGELES-BofI Federal Bank has closed the biggest deal in its history, sealing an $11,300,000 loan for a 160-unit, multifamily building in the San Fernando Valley.

Mike Posner, the senior loan officer for Bofi, tells GlobeSt.com that there were “a couple wrinkles to get comfortable with and make a loan that worked,” but the bank still managed to close the apartment deal quickly. “This was a large deal for us,” he says, adding that the bank is actively seeking bigger deals than its typical $1M to $2M projects.

Terms of the deal and identities of the buyer/seller were not revealed. Peter Collins, a broker with Cushman & Wakefield, represented the borrower.

David Rifkind, principal and managing director at George Smith Partners, tells GlobeSt.com that the deal was at “the faster end” of closings, adding that a comfortable range with an organized borrower should be 45 days to 60 days.

Despite the somewhat heated marketplace, Rifkind noted that financers are “getting more efficient,” and noted that “we're not seeing bottlenecks, per se. We're seeing that when you're bringing in a well-underwritten, well-sponsored loan that lenders want to do, they will clear their desks.”

Patrick Crandall, senior managing director in the capital markets division at Cushman & Wakefield, tells GlobeSt.com that any bottlenecks for deals “is more on the supply side. There still aren't enough transactions. Whatever come to market seems to sell, and there's abundant capital available, both debt and equity.”

Bofi is a subsidiary of BofI Holding Inc. (NASDAQ: BOFI), a nationwide branchless banks with over $2.8 billion in assets.