Lending Times, December 21, 2015

Money360 – The Path to Series A

Evan Gentry, when he first launched Money360 in 2010, initially conceived of the first real estate P2P lending platform. The goal was to create a financial technology solution to match borrowers with qualified investors in the commercial real estate loan market.

he regulatory environment at the time was not favorable to the business model so he ended up shelving the idea. With the passage of the Jobs act, Evan dusted off the concept and relaunched the platform in September 2014. Money360 is now a full service loan origination platform that handles origination, underwriting, coordinating and servicing of all loans.

Their first notable success came the month following their relaunch when they originated and secured their first multi-tranche $8.75mm loan. This created a tranche paying a lower rate and a tranche paying a higher rate allowing investors to choose a risk profile that best matched their portfolio requirements while at the same time providing the borrower a lower blended rate.

Milestones began to follow quickly, a few months later in February 2015 they successfully closed a $1mm loan in 8 business days, eclipsing the 3-4 months it typically takes to close one of these complex transactions. The following April they secured a $110mm lending facility to fund continued lending operations. These assets were secured from an early pioneer in the P2P lending space as well as a handful of technology executives and other investors. And in June they secured their first CREL in Chicago as they marked the beginning of their national expansion.

This week they announced the successful closing of a $2.5mm Series A funding round with two prominent investors in the lending game. John Maute the co-founder of Helios AMC, a specialty loan servicing company and Jon Barlow, founder of Eaglewood Capital one of the early P2P loan investment funds, both shared in this funding round and each will be joining the board of directors.

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