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CapitalSource Receives $10.225 Million in Loans Funding Arranged by Venture West Funding, Inc.
February 10th, 2011 1 comment
Based in Manhattan Beach, California, Venture West Funding has announced on February 8, 2011, that it has arranged $10.225 million in funding for loans for CapitalSource. Venture West Funding is a mortgage company which primarily operates by providing loans to real estate development projects. CapitalSource is an investment bank which primarily focuses on middle industry businesses throughout the United States. The bank currently provides companies with debt capital in the form of seniority loans within the range of $5 million to $100 million.
The funding arrangement was made by Venture West Funding to fund the purchase of two apartment buildings purchased by CapitalSource in the Hollywood District of Los Angeles, California. The whole sum of the funding is basically for two loans. The first loan is for $6.525 million in the form of a non-recourse mortgage loan for a 75 unit rent controlled apartment building and the second loan is for $3.7 million in the form of a loan with interest for only the first two years for a 26 unit non-rent controlled apartment building.
The loans were arranged by Venture West Funding’s senior loan consultant, Tony Fire, who arranged both loans with a fixed rate of 5% interest for a well-known local undisclosed investor. These loans were set up to be at 75% LTV and arranged to be run through the firm’s partnership with CapitalSource Bank.
According to Mr. Fire, the firm’s client wanted to lower his debt while maximizing the profit leveraged with the purchase of the two buildings. The reduction of the payments on the client’s mortgage will allow him to keep an edge in the local real estate market.
Venture West Funding is a large mortgage brokerage firm which deals with all kinds of real estate projects. The firm will offer mortgages to both multi-family buildings and homes, commercial properties and buildings, and single-family dwellings. The fact that Venture West Funding deals in a large variety of real estate makes the firm versatile in all sectors in the real estate industry. Furthermore, when ti comes to experience in the real estate market, Venture West Funding is no new kid on the block, boasting of over 20 years of experience in the industry. On top of that, Venture West Funding also promises the best fees and interest rates for all the mortgages it brokers to its clients.
Currently, Venture West Funding has an ongoing partnership with CapitalSource Bank, which works together with the firm when dealing in real estate. Founded in 2000 by John Delaney and Jason Fish, the bank has grown to massive proportions with over $540 million in equity capital under its management. By 2004, CapitalSource grew to hiring over 400 employees and provided over $4.3 billion in loans. The bank grew even further and by 2008, it boasted of having over 22 branch locations and holding over $5 billion in savings deposits. By 2010, Capital Source has added small business loans to its list of services and has earned the status of being an SBA preferred lender. Along with all these achievements and a partnership with Venture West Funding to get its foot in the real estate markets, the future looks bright for CapitalSource. Currently the bank has its corporate office in Chevy Chase, Maryland with its California operations located in Los Angeles, California. The bank also has many other locations throughout the United States, including Georgia, New York, Illinois, Pennsylvania, and others. The bank also runs operations in Europe with its European headquarters located in London, UK. CapitalSource’s European operations run under the name of CapitalSource Europe, Ltd.
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