Money360, Inc., an online peer-to-peer (P2P) commercial real estate lending platform, announced that it has funded and closed a $3.1 million commercial real estate loan in Palm Desert, California. Money360 was able to expedite the closing of the loan in just 10 business days to meet the borrower’s needs.
The two-year loan, which was funded by institutional and accredited investors, was made to refinance the existing debt on a multi-tenant commercial office building, as well as to provide the borrower with some cash that will be used for other capital needs. The loan was secured by a first trust deed. The borrower also personally guaranteed the loan.
Matt Rogers, Director of Business Development for Money360, stated:
“More than ever, commercial real estate investors and property owners are beginning to recognize the value of quickly obtaining financing through Money360’s online marketplace instead of through a traditional bank or diluting their ownership with equity partners. This loan is a great example of how Money360 can help commercial real estate investors obtain expedited access to capital, while still doing so at reasonable terms.”
Dan Vetter, President and Co-founder of Money360, added:
“Money360 has established working relationships with institutional and private investors, which enable us to offer a wide variety of bridge financing options to commercial real estate owners. Because of this, we were able to provide the borrower with a customized and timely financing solution to meet his needs. These loans are also great for institutional and private investors seeking higher returns on secured, lower-risk investment opportunities.”
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