Press release by Prosek Partners on 31st July 2017
Money360, a leading direct marketplace lender focused on commercial real estate, today announced that the company closed $143 million in loans in the second quarter, marking the lender’s best quarter to date. Money360 has now closed more than $350 million in total loans and is on pace to close more than $500 million by the end of the year. On average, the company is now closing $50 million in loans each month.
“Over the first half of 2017, Money360’s cumulative loan originations more than doubled thanks to our ability to provide certainty of execution, flexible terms and fast closing times,” said Evan Gentry, Money360 founder and CEO. “The members of our leadership team each have decades of commercial real estate experience. Their relationships and knowledge, combined with the efficiency our technology brings, have enabled to us to meet the needs of borrowers across the country.”
Money360 focuses on providing small-to mid-balance commercial real estate loans ranging from $1 million to $20 million, while offering investors direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate.
A few of the $143 million in loans closed in the second quarter include:
• A $15.6 million bridge loan for a three-tenant medical office property in Grand Forks County, North Dakota.
• A $11.1 million bridge loan for the acquisition of a multi-tenant retail property in Wayne County, Michigan.
• A $9.7 million bridge loan for a two-story, 198-room hotel property in Cumberland County, North Carolina.
• A $8.5 million bridge loan for a five-story, multi-tenant office property in Orange County, California.
• A $5 million permanent loan for a four building, 24-unit retail property in San Bernardino County, California.
• A $4.9 million bridge loan for a two-tenant retail property in Ocean County, New Jersey.
• A $3.0 million bridge loan for a two-building office property in Fort Lauderdale, Florida.
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