Venture West Funding

Steven Smith is the Director of Originations at Venture West Funding’s corporate headquarters in El Segundo, CA. Mr. Smith currently serves his independent base of clients while also operating as part of Matt Douglas’ team. In 2018 and 2019, Steven and Matt were recognized as one of the top 25 multi-family and commercial loan origination teams in the United States based on the total number of loans and total loan volume. 

Steven specializes in the origination and underwriting of financing for multi-family, commercial, and single-family properties. By establishing strong relationships with a wide array of lending sources and meticulously analyzing their underwriting guidelines and metrics, Steven has developed a uniquely in-depth understanding of the real estate lending market. He is a licensed California Real Estate Salesperson and NMLS approved.

Director of Loan Originations

Experienced Director of Loan Originations with an accomplished background in the commercial real estate finance industry. Skilled in origination, analytics, negotiation, underwriting, management, and marketing. Strong commercial mortgage brokerage professional with a bachelor’s degree in business economics from the University of Arizona. 

Los Angeles is falling further behind on housing goals 

A new USC report warns that Los Angeles County is on track to miss its 2029 housing targets by hundreds of thousands of units.

Key takeaways:
 🏗️ Fewer than 100,000 housing units completed since 2021 — the county needs ~700,000 more by 2029
 
 📉 21% decline in apartment construction starts over the past year

 💸 Vacancy among the lowest in the nation, with average rents now at $2,336 — 32% above the U.S. average

 🏘️ ADUs make up more than a third of completions, but often don’t meaningfully address affordability

The gap is sharpest in affordable housing: only 4,400 income-restricted units were delivered in 2024, compared to the 300,000 needed.

Housing demand in Los Angeles is not going away. Those who can navigate entitlement hurdles and deliver projects will be positioned for long-term success in one of the nation’s most supply-constrained markets.

Steven Smith

Director of Loan Originations at Venture West Funding, Inc.

🏢 Multi-Family Refinance – Panorama City, CA

Just closed on a 9-unit apartment building refinance:

 📆 Term: 30-Year Fixed

 💤 10 Years Interest-Only 

 📝 No Tax Returns Required

 🔓 Flexible Prepayment Penalty 

The borrower sought financing that would maximize monthly cash flow while keeping documentation requirements minimal. They specifically requested a loan structure that did not require tax returns, allowing for a quick underwriting process. The final result was a tailored financing solution that delivered long-term security and a streamlined closing experience.

Financing a mixed-use property can be complex. Financing one with a church component and several vacant apartment units? Even more challenging.

We recently arranged $6,000,000 in financing for the purchase of a mixed-use property in Glendale, CA, which included a church, apartments, and retail.

Because churches are often considered higher risk by lenders, many financing options were limited. We structured a solution that provided: 

 ✅ 5-Year Fixed Rate – stability in today’s market
 ✅ 2-Year Prepayment Penalty – future flexibility
 ✅ 30-Year Amortization – helping maximize cash flow

This deal is a great reminder that even when a property doesn’t check all the “perfect” boxes, the right structure and lender relationships can still make financing possible.

💬 What unique property types have you seen lately that made financing more difficult?

💵 Retail Rents Keep Climbing in LA

Average retail asking rents in Los Angeles hit $3.59/SF in Q2 2025:

✔️ Modest but steady rent growth signals landlord pricing power.

 ✔️ Limited new deliveries keep supply tight, supporting future rent increases.

📌 For property owners, this is a reminder: holding quality retail space in LA means stable income and long-term upside.

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