Online real estate transaction marketplace Ten-X Commercial has partnered with Money360, a technology-enabled direct lender focused on commercial real estate, to offer financing for properties available for sale.
The partnership will expand the investor pool for commercial properties listed on Ten-X by giving prospective buyers assurance they will be able to procure the necessary financing to fill the deal’s capital stack, while providing sellers and their brokers increased confidence that once terms are agreed upon, buyers will be able source a loan and close the deal.
Under the agreement, Money360 will work with Ten-X to determine which commercial properties listed on the Ten-X platform are appropriate for pre-arranged financing, and will then pre-underwrite bridge and/or permanent loans for qualifying properties. The lender’s offers will be listed on the Ten-X property detail page, informing prospective buyers about the available financing terms. After the property trades, Money360 will work with buyers to underwrite, process and close the loans to facilitate the transaction.
“The streamlined financing process will provide a customer-friendly solution to buyers who need financing to close transactions,” says Steve Jacobs, general manager of Ten-X Commercial. “This partnership will enable prospective buyers to make bids and offers with greater confidence, which in turn will lead to accelerated close rates for sellers.”
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 fixed-income investments secured with a first-priority lien against income-producing commercial real estate.
The company has closed more than $400 million in total loans and is on pace to close more than $600 million by the end of 2017.
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