LADERA RANCH, CA–(Marketwired – October 25, 2016) – Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing to a commercial property owner to pay off a maturing first mortgage with defaulted real estate taxes and to fund recently completed property renovations.
The $2,450,000 bridge loan is secured by 120-unit, low-rise multifamily property in Kansas City, Missouri.
“The Money360 team has extensive experience in developing creative solutions to meet borrowers’ needs and timelines,” said Money360 founder and CEO Evan Gentry. “Due to the complexities involved with this transaction, it required a tailor-made solution. Money360 was able to meet the borrower’s needs in a timely manner and provided the certainty of execution needed in a time of transition.”
The recourse loan is fixed for one year at an interest rate of 11.50%, on an interest-only basis.
Money360, Inc. is a direct lender that offers borrowers speed, convenience and reasonable terms on small- to mid-balance commercial real estate loans. Money360 operates a marketplace lending platform that caters to institutional and accredited retail investors, providing direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate. Money360 also operates an investment management company, M360 Advisors, LLC, which manages diversified fund vehicles on behalf of institutional and accredited retail investors. Borrowers and lenders (investors) can register at www.money360.com.
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