Commercial real estate marketplace lending platform Money360, announced on Thursday it has officially doubled its portfolio and surpassed the $200 million mark this month. The lender reported it took more than a year and a half for its platform to hit the $100 million and less than six months to increase to $200 million. It expects to exceed $500 million in transactions by the end of 2017.
While sharing more details about the platform’s milestones, Money360 Founder and CEO, Evan Gentry, stated:
“This is a time of phenomenal growth for our company. 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.”
The news about Money360’s portfolio expansion and transaction milestone comes just a couple months after industry leader and Prosper Marketplace president Ron Suber joined its platform as an investor and strategic advisor. The company also announced that one of its funds managed by Money360 affiliate, M360 Advisors, successfully registered with the South Korea Financial Supervisory Service. Gentry added:
“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. Money360 is leveraging the benefits of technology and helping to meet the needs of a shifting landscape.”
