EL SEGUNDO, CA-Mortgage company Venture West Funding has arranged loans totaling $20.2 million to refinance five apartment buildings in West L.A.

The loans were funded through Chase Bank, Sterling Savings Bank and Capital Source Bank for five single-asset entities. The managing members of the five entities are Chris Liebes, a real estate investor based in Brentwood, and Hugh Evans, a founding partner of Partner's Trust.

The non-recourse, cash-out loans were secured at five and ten-year fixed rates that were not disclosed, although described as “very competitive.”

“We were able to maximize loan proceeds through aggressive, common-sense underwriting,” said a statement from Matt Douglas, who led the Venture West team that worked closely with the lender. “The borrowers timed their refinancing well in this low interest rate environment.”

The 116 units divided between five buildings are of similar vintage amenities and range from 10 to 39 units apiece. The properties were built between 1959 and 1968 and range from 600 to 1,500 square feet with several different floor plans.

All five properties are managed locally by the borrower's management company, Moss and Company.

Venture West Funding specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to borrowers.

As reported by GlobeSt.com last month, Venture West Funding obtained $16 million in refinancing on three properties in Texas.

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Venture West Refi's Five for $20M

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