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<DIV style="width:672px"><P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Washington, D.C. 20549 </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>FORM 8-K </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:normal; margin:0px" align=center><B>Date of Report (Date of earliest event reported): <A NAME="FIS_UNIDENTIFIED_TABLE"></A>February 20, 2009</B><FONT style="font-size:12pt">&nbsp; <BR>
</FONT></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>Venture Lending &amp; Leasing V, Inc. </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt" align=center><B>(Exact name of registrant as specified in its charter) </B></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=221.667></TD><TD width=13.467></TD><TD width=208.333></TD><TD width=13.467></TD><TD width=215.067></TD></TR>
<TR><TD width=221.667><P>&nbsp;</P></TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD width=208.333><P>&nbsp;</P></TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD width=215.067><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=221.667><P style="margin:0px" align=right><B>MARYLAND&nbsp;</B></P>
</TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD valign=bottom width=208.333><P style="margin:0px" align=right><B>814-00731&nbsp;</B></P>
</TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD valign=bottom width=215.067><P style="margin:0px" align=right><B>14-1974295&nbsp;</B></P>
</TD></TR>
<TR><TD valign=top width=221.667><P style="margin-top:0px; margin-bottom:0.867px" align=right>(State&nbsp;or&nbsp;other&nbsp;jurisdiction </P>
<P style="margin-top:0px; margin-bottom:1px" align=right>of incorporation)</P>
</TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD valign=top width=208.333><P style="margin-top:0px; margin-bottom:0.867px" align=right>(Commission </P>
<P style="margin-top:0px; margin-bottom:1px" align=right>File Number)</P>
</TD><TD valign=bottom width=13.467><P>&nbsp;</P></TD><TD valign=bottom width=215.067><P style="margin-top:0px; margin-bottom:0.867px" align=right>(I.R.S. Employer </P>
<P style="margin-top:0px; margin-bottom:1px" align=right>Identification No.)</P>
</TD></TR>
</TABLE>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0px" align=center><B>2010 North First Street, Suite 310, San Jose, CA 95131</B></P>
<P style="margin:0px" align=center>(Address of principal executive offices, zip code) </P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0px" align=center>Registrant&#146;s telephone number, including area code: <B>(408) 436-8577 </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&nbsp;(Former name or former address, if changed since last report): <B>N/A </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=25.267></TD><TD width=646.733></TD></TR>
<TR><TD valign=top width=25.267><P style="margin:0px; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0px">Written communications pursuant to Rule 425 under the Securities Act </P>
</TD></TR>
</TABLE>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=25.267></TD><TD width=646.733></TD></TR>
<TR><TD valign=top width=25.267><P style="margin:0px; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0px">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act </P>
</TD></TR>
</TABLE>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=25.267></TD><TD width=646.733></TD></TR>
<TR><TD valign=top width=25.267><P style="margin:0px; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0px">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act </P>
</TD></TR>
</TABLE>
<P style="line-height:9.5pt; margin:0px; font-size:7.5pt">&nbsp;&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=25.267></TD><TD width=646.733></TD></TR>
<TR><TD valign=top width=25.267><P style="margin:0px; font-family:Wingdings">&#168; </P>
</TD><TD valign=top width=646.733><P style="margin:0px">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:6.667px; page-break-before:always"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt" align=justify><B>Item&nbsp;2.03 &nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. &nbsp;</B></P>
<P style="line-height:14pt; margin-top:6.667px; margin-bottom:6.667px; font-size:12pt">On February 20, 2009, Venture Lending &amp; Leasing V, Inc. (the &#147;Fund&#148;) entered into agreements with Union Bank, N.A. that established a secured revolving loan facility in an initial amount of up to $30,000,000. &nbsp;The Fund has the option to request that lenders providing such facility increase the borrowing availability thereunder to no more than $230,000,000 in the aggregate, as commitments may be obtained. &nbsp;Borrowings by the Fund will be collateralized by the personal property and other assets of the Fund. &nbsp;Loans under the facility may be, at the option of the Fund, either Reference Rate loans or LIBOR loans. &nbsp;The Fund will pay interest on its borrowings and will also pay a fee on the unused portion of the facility. &nbsp;The facility will terminate on February 18, 2011, but can be accelerated under an event of default such as failure by the Fund to make timely interest or principal payments. &nbsp;There have yet to be any draws against this direct financial obligation of the Fund.</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt"><B>Item 9.01 &nbsp;Financial Statements and Exhibits.</B></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Exhibit Number </P>
<P style="line-height:14pt; margin:0px; text-indent:144px; font-size:12pt">Description</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">&nbsp;------------------</P>
<P style="line-height:14pt; margin:0px; text-indent:144px; font-size:12pt">--------------- </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">None</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt">VENTURE LENDING &amp; LEASING V, INC.</P>
<P style="line-height:14pt; margin:0px; font-size:12pt">(Registrant)</P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">By:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt"><U>/S/ Ronald W. Swenson</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:336px; font-size:12pt">By:</P>
<P style="margin:0px; text-indent:384px; font-size:12pt"><U>/S/ Martin D. Eng</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt">Ronald W. Swenson</P>
<P style="line-height:14pt; margin:0px; text-indent:336px; font-size:12pt">Martin D. Eng</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:336px; text-indent:-336px; font-size:12pt">Chief Executive Officer</P>
<P style="line-height:14pt; margin:0px; padding-left:336px; font-size:12pt">Chief Financial Officer</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:336px; text-indent:-336px; font-size:12pt">Date: </P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:336px; text-indent:-288px; font-size:12pt">February 26, 2009</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:336px; font-size:12pt">Date:</P>
<P style="line-height:14pt; margin:0px; padding-left:336px; text-indent:48px; font-size:12pt">February 26, 2009</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
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Converted by EDGARwiz
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 20, 2009
Venture Lending & Leasing V, Inc.
(Exact name of registrant as specified in its charter)
MARYLAND
814-00731
14-1974295
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
2010 North First Street, Suite 310, San Jose, CA 95131
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code:
(408) 436-8577
(Former name or former address, if changed since last report):
N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On February 20, 2009, Venture Lending & Leasing V, Inc. (the "Fund") entered into agreements with Union Bank, N.A. that established a secured revolving loan facility in an initial amount of up to $30,000,000.  The Fund has the option to request that lenders providing such facility increase the borrowing availability thereunder to no more than $230,000,000 in the aggregate, as commitments may be obtained.  Borrowings by the Fund will be collateralized by the personal property and other assets of the Fund.  Loans under the facility may be, at the option of the Fund, either Reference Rate loans or LIBOR loans.  The Fund will pay interest on its borrowings and will also pay a fee on the unused portion of the facility.  The facility will terminate on February 18, 2011, but can be accelerated under an event of default such as failure by the Fund to make timely interest or principal payments.  There have yet to be any draws against this direct financial obligation of the Fund.
Item 9.01  Financial Statements and Exhibits.
Exhibit Number
Description
------------------
---------------
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.
VENTURE LENDING & LEASING V, INC.
(Registrant)
By:
/S/ Ronald W. Swenson
By:
/S/ Martin D. Eng
Ronald W. Swenson
Martin D. Eng
Chief Executive Officer
Chief Financial Officer
Date:
February 26, 2009
Date:
February 26, 2009