LADERA RANCH, Calif. – August 10, 2016 – Money360, the leading commercial real estate marketplace lending platform, announced today that it has surpassed the $100 million mark in closed commercial real estate loans with the completion of $15.25 million in recently closed loans that reflect the escalating growth of the marketplace lender’s portfolio.
Much of the company’s recent growth, according to Money360 founder and CEO Evan Gentry, stems from a contraction of the commercial mortgage-backed securities (CMBS) market. Money360 has seen more than a 100 percent increase in applications from borrowers turned down by bank and CMBS institutions as a result of increased regulations.
“The continued growth of our lending platform is a testament to the marketplace’s need for non-bank and alternative lenders to fill the void left by banks and the contracting and shifting CMBS market,” Gentry said. “Leveraging technology and our team’s considerable market experience, we continue to disrupt the traditional lending market and demonstrate our ability to source and close quality commercial real estate (CRE) loans.”
To stay ahead of that growth, Money360 has developed regional lending teams, most recently bolstering its Boca Raton division with the hire of Greg E. Schecher as director for the southern region. Schecher brings more than 20 years of commercial real estate experience to his role, having originated and closed more than $1.1 billion in commercial real estate loans over the course of his decorated career.
Money360’s recent transactions, totaling $15.25 million, include a bridge loan for the acquisition of a multifamily property in Tucson, Arizona; a bridge loan for the renovation of a full-service boutique hotel in Aurora, Ohio; cash-out permanent financing for a single-tenant retail building in Dayton, Ohio; and a bridge loan for the refinance of an anchored shopping center containing 206,257 square feet of rentable area in Jacksonville, Illinois.
Tucson, Arizona: Acquisition of 70-Unit Multifamily Apartment Complex
Money360 provided $3.2 million in bridge financing for the acquisition of the Desert Cove Apartments, a Class B multifamily property located on North Alveron Way in Tucson, Arizona. The first trust deed loan has a three-year term, and is interest-only with additional collateral pledged to secure trust deed investors in order to provide the borrowers with the equity to acquire the subject property with a 100 percent loan-to-purchase price.
Aurora, Ohio: Renovation of Full-Service Boutique Hotel
Money360 provided $1.85 million in bridge financing to renovate the 67-room Aurora Inn hotel located on Shawnee Trail in Aurora, Ohio. The hotel includes an indoor pool, ballroom/banquet hall and fitness center. The two-year loan is fixed on an interest-only basis, allowing the borrower to renovate the property and increase revenue and value.
Dayton, Ohio: Cash-Out Permanent Financing of Single-Tenant Retail Building
Money360 provided $1.9 million cash-out permanent financing for a single-tenant retail building currently occupied by a Panera Bread restaurant. The first trust deed loan is fixed for five years at 4.5 percent, with a rate reset for an additional five years, with an amortization schedule of 25 years. The cash-out refinancing allowed the borrower to recoup capital previously utilized in the acquisition of the property, located on Miamisburg Centerville Road in Dayton, Ohio.
Jacksonville, Illinois: Refinance Bridge Loan for Anchored Shopping Center
Money360 provided an $8.3 million bridge loan for an anchored shopping center containing 206,257 square feet of net rentable area. The center is anchored by JC Penney, Goody’s and Dollar Tree, as well as numerous national and local tenants. The financing allowed the borrower to refinance a maturing CMBS loan while continuing to work on longer term financing.
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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