Venture West Funding Inc. has partnered with CapitalSource Bank, a Los Angeles-based bank with 22 branches in California, to originate small balance multifamily loans in California. CapitalSource Bank is funding loans from $750,000 to $10.0 million on stabilized multifamily properties in strong California markets. CapitalSource has a competitive portfolio-style program featuring non-recourse loans with flexible prepayment penalties.
In the first four months of 2010, Venture West Funding closed seven loans with CapitalSource Bank totaling $16.6 million with loan amounts ranging from $800,000 to $5.2 million. The goal for the next 12 to 18 months is $250 million in new loan originations.
“We’re pleased to be partnered with CapitalSource Bank," said Matt Douglas, principal of Venture West Funding. "It is a great opportunity to capture significant market share, especially in today’s challenging credit markets. It is also refreshing to have access to a bank with excess capital ready to lend.”
CapitalSource Bank is a wholly-owned subsidiary of Capital Source Inc., a commercial lender catering to middle market businesses. CapitalSource Bank operates with capital in excess of $915 million, assets of $6.1 billion, and is one of the safest, most secure financial institutions today.
Venture West Funding was founded more than 13 years ago and has placed more than $6 billion in loan originations since 2002. Venture West Funding is one of the largest firms of its kind operating throughout Southern California, and specializes in providing mortgage loans secured by apartment buildings, commercial properties and single-family homes to a wide variety of borrowers. Venture West Funding is headquartered at 1500 Rosecrans Avenue, Suite 312, Manhattan Beach, Calif.
For more information, visit www.venturewestfunding.com.