LADERA RANCH, CA–(Marketwired – October 17, 2016) – Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided an $800,000 bridge loan for the acquisition of a newly-constructed, single-tenant retail building, located in Raymond, Illinois.
Faced with an impending 1031-exchange deadline, the borrower secured a loan through Money360 and was able to close on time and avoid tax penalties.
“Borrowers looking for assistance in completing 1031-exchanges need certainty of execution. Our team has extensive experience in working with borrowers to complete their transactions effectively and efficiently,” said Money360 founder and CEO Evan Gentry. “We were drawn to this transaction not only because of property’s condition and the favorable loan-to-value ratio, but also because we knew our team could meet the borrower’s timeline needs. The retail location was recently constructed and already occupied by a national tenant, creating strong fundamentals for the transaction.”
The recourse loan is fixed for two years at an interest rate of 10.00%, 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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