LADERA RANCH, CA--(Marketwired - March 16, 2017) - Money360, the leading commercial real estate marketplace lending platform, has doubled its portfolio in record time, having surpassed the $200 million mark this month in closed commercial real estate loans, the company announced today.
It took Money360 more than a year and a half to hit the $100 million mark, but less than six months to increase to $200 million, and by year-end, it expects to exceed $500 million in transactions.
"This is a time of phenomenal growth for our company," said Money360 Founder and CEO Evan Gentry. "We are seeing a rapid expansion of our loan portfolio and increasing interest from investors. But amidst this rapid growth, we remain committed to maintaining the highest standards of credit quality and being good stewards of the capital our investors have entrusted us to manage."
Last month, industry leader and Prosper Marketplace president Ron Suber joined Money360 as an investor and strategic advisor to help shape strategy and further accelerate the company's growth and positioning. Additionally, the company recently announced that one of its funds managed by Money360 affiliate, M360 Advisors, successfully registered with the South Korea Financial Supervisory Service. Earlier this year, Money360 also established two new regional divisions to support increasing demand in the Northeast and Northwest regions of the United States.
"The impressive growth of our platform shows that marketplace lending is a much-needed innovation that is filling a void in the commercial real estate industry," Gentry said. "Money360 is leveraging the benefits of technology and helping to meet the needs of a shifting landscape."
The $200 million milestone came on the heels of four recent loan closings totaling nearly $38 million. All of these loans represent a loan-to-value ratio of not more than 75 percent and include:
- A $16.2 million bridge loan for a single-tenant, 71,132-square-foot office property constructed in 2006 located in Rosemont, Illinois. The building includes two hydraulic elevators, a central breakroom, executive suite, conference room, large meeting room, computer training room, fitness center and locker rooms with showers.
- A $12.3 million bridge loan for a single-tenant suburban office property in Auburn Hills, Michigan. The 36-month loan enabled the borrower to take cash out for the purpose of purchasing additional investment property.
- A $7.5 million bridge loan for two industrial buildings in Irvine, California. The loan provided a cushion of time for the purchase to transpire.
- A $1.9 million permanent loan for an unanchored, 100-percent-leased retail property in Smyrna, Georgia. The 10-year loan places financing on an otherwise free and clear property, providing significant cash out for future commercial real estate acquisitions.
Money360 is transforming commercial real estate finance into a fast, transparent and reliable marketplace for borrowers and investors. Money360 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.