Brief: Commercial Real Estate Peer-to-Peer Lending Platform Money360 Closes $3.1 Million Palm Desert Loan in 10 Days
Commercial real estate online marketplace lending platform,
Money360, , announced on Thursday the 2015’s results of more than $56 million in closed commercial real estate loans. The firm provided debt-transaction deals across the United States for multifamily, retail, industrial, hospitality and office properties.
Evan Gentry, CEO and founder of Money360, shared:
“As our first full year in operations in originating loans, 2015 was a strong expansion year for us. We struck deals across the country, and it sets the stage for an even stronger 2016. Our deal volume continues to pick up, reflecting the growth of online marketplace lending in the $3 trillion commercial real estate industry.”
Money360’s deals represent a diversified range of transactions across the United States with closings in California, Florida, Illinois, Indiana, and Montana. A sampling of deals closed in 2015 includes the following:
• In California: Facilitated a loan of $16.6 million for an office property in Sacramento; a $9.7 million loan for an office property in Burbank; and provided a $3.1 million loan in Palm Desert.
• In Florida: Provided a loan of $8.7 million for hospitality properties in Orlando and Kissimmee, and provided a loan of $1.6 million for a Jacksonville industrial property.
• In Illinois: Provided a loan of $6.7 million for an office property in Lombard and $1.1 million loan for a multifamily property in the City of Normal.
• In Indiana: Facilitated a loan of $4.7 million for an Indianapolis-based retail property.
• In Montana: Provided a loan of $2.9 million for a multifamily property.
Since its launch in the fall of 2014, Money360 has closed more than $67 million to-date in commercial real estate term loans across the United States.
Gary Bechtel, president of Money360, stated:
“Our operations in 2016 will be focused on expanding our commercial real estate loan programs and we will continue to expand our technology platform, origination capabilities and back office personnel. We are setting ourselves up to make Money360 the number-one marketplace lender and preferred online financing source for both borrowers and investors in the commercial real estate finance industry.
“We’re excited by the opportunities that exist across the U.S. for our marketplace lending platform and extending our financing reach in 2016. Ultimately, it will greatly benefit our investors to have a wide variety of lending options from which to choose.”
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