Recent Loan Closings Signal Growth in Multifamily Investment in Tier-two Cities
LADERA RANCH, Calif., May 02, 2019 (GLOBE NEWSWIRE) — Money360, a technology-enabled direct lender specializing in commercial real estate (CRE) loans, announced today it surpassed another quarter billion dollars in loans closed, edging it closer to its target of $2 billion in transactions originated and closed since inception by year-end.
Over the past six months, Money360 has experienced a surge in demand for financing of multifamily, properties, primarily in growing tier-two cities throughout the U.S., such as Memphis, Tennessee, Detroit, Michigan and Sacramento, California.
“Bridge financing is critical — particularly for borrowers transitioning from construction financing to a bridge loan while the property is leasing up, prior to permanent bank financing” said Evan Gentry, CEO of Money360. “As a lender, we’re committed to providing the customization and speed that these borrowers require and can’t find through a bank lender, while maintaining the stringent underwriting standards that are the foundation of our process.”
Recent notable loans include:
- A $28 million bridge loan for a high-rise multifamily apartment building in Hattiesburg, MS., brought to Money360 by Scott Jansen at Black Diamond Capital.
- A $25.8 million bridge loan for a university housing multifamily building in Philadelphia, PA., brought to Money360 by Steve Stadlin at Allied Commercial Capital.
- A $23.1 million bridge loan for a community retail center in Christiansburg, VA., brought to Money360 by Andrew Pennington at NorthMarq Capital, Inc.
- A $11.3 million bridge loan for a neighborhood retail center in San Antonio, TX., brought to Money360 by David Cortez at Grandbridge Real Estate Capital.
- A $5.8 million bridge loan for a low-rise multifamily apartment building in Belton, MO., brought to Money360 by Marck Reichter at Q10 / Triad Capital Advisors, Inc.
- A $5 million bridge loan for a low-rise multifamily apartment building in Memphis, TN., brought to Money360 by Chester Burley at Union Capital Mortgage Corp.
- A $2.8 million bridge loan for a low-rise multifamily apartment building in Detroit, MI., brought to Money360 by Lawrence Harwood, Q10 | Lutz Financial Services.
- A $1.6 million bridge loan for a mobile home / RV community in West Sacramento, CA., brought to Money360 by Jake Clopton at Clapton Capital.
Strong borrower demand for bridge loans continued across all asset classes including multi-family, office, industrial, mixed-use and other income-producing commercial real estate properties that Money360 finances.
“We have invested heavily to build a team with deep, region-specific expertise across the nation, and overlaying technology to aid the speed, transparency and surety of execution, and as a result we’re meeting borrower needs by creating more tailored financing solutions than ever before,” continued Gentry. “As we move further into 2019, we are looking forward to deepening our work in these strategic markets and helping communities grow and thrive with better commercial real estate financing solutions.”
Money360 is a vertically-integrated, nationwide direct lender that sources, underwrites, closes and services small- to mid-balance commercial real estate loans ranging in size from $3 million to $25 million. Through the seamless union of world-class technology and irreplaceable human expertise, Money360 delivers a smarter, simpler, and more transparent experience from origination to servicing. Borrowers can learn more at www.money360.com.
Carly Hall // email@example.com
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