We had a great conversation with Money360 founder and CEO Evan Gentry just last week and were favorably impressed by both his leadership and the multi-faceted platform he has created. Each RETech we talk to seems to have a different angle, and what this team has created is unique because they are bringing commercial real estate into the mix, in a sector that often focuses on residential rental properties or house-flipping. In fact, we were scheduled to talk with him on the last day of April and had to reschedule since he was so busy with month end reporting and closings, and from the looks of the press release below, now we understand why. As an asset class, through market highs and lows, real estate continually remains in massive demand from both institutional and retail investors. (Cindy Taylor/Publisher)
Money360, the leading commercial real estate marketplace lending platform, closed more than $45 million in loans in April, the company announced today. This brings the company’s total production to over $250 million in closed loans, with an expected $500 million in transactions by year-end. Money360’s recent loan closings span properties nationwide and provide a variety of borrowers with quick funding to purchase or refinance income-producing properties.
“This is a record-breaking month for our company,” said Money360 founder and CEO, Evan Gentry. “The volume of deals we’ve experienced in just one month, coupled with our company growth, sets a strong precedent for the rest of 2017, and we’re committed to maintaining high standards for our expansive base of investors and borrowers in the U.S. and around the world.”
The more than $45 million in loan closings, all of which have loan-to-value ratios of not more than 75 percent, include:
· A $9.70 million bridge loan for a two-story, 198-room hotel property in Fayetteville, North Carolina. The 131,000 square foot property was built in 1983 and renovated in 2011.
· A $7.70 million bridge loan for a multi-tenant, medical office building in San Jose, California containing 20,341 square feet of rentable space.
· An $8.50 million bridge loan for a five-story, multi-tenant office property in Orange County, California containing 58,755 square feet of rentable space.
· A $4.90 million bridge loan for a two-tenant, 19,107 square-foot anchored retail property in Ocean County, New Jersey.
· A $6.00 million permanent loan for a one-story, 10-tenant retail property in Johnson County, Kansas containing 39,483 square feet of rentable space.
· A $3.48 million permanent loan for a one-story, four-tenant retail property in Johnson County, Kansas containing 21,450 square feet of rentable space.
· A $5.00 million permanent loan for an anchored retail center containing 202,219 square feet of rentable space, located in San Bernardino County, California.
The record-breaking month follows several major milestones for the company. Earlier this year, industry leader and Prosper Marketplace president Ron Suber joined Money360 as an investor and strategic advisor. One of the company’s funds managed by Money360-affiliate, M360 Advisors, also recently successfully registered with the South Korea Financial Supervisory Service. In March, Money360 surpassed $200 million in closed transactions. It took Money360 more than a year-and-a-half to hit the $100 million mark, but less than six months to increase to $200 million.
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