M0ney360, a leading commercial real estate marketplace lending platform, closed more than $45 million in loans in April, bringing the company’s total production to over $250 million in closed loans, with an expected $500 million in transactions by year-end. Money360’s recent loan closings span properties nationwide and provide a variety of borrowers with quick funding to purchase or refinance income-producing properties.
“This is a record-breaking month for our company,” indicated Money360 Founder and CEO Evan Gentry. “The volume of deals we’ve experienced in just one month, coupled with our company growth, sets a strong precedent for the rest of 2017, and we’re committed to maintaining high standards for our expansive base of investors and borrowers in the U.S. and around the world.”
The more than $45 million in loan closings, all of which have loan-to-value ratios of not more than 75 percent, include:
• A $9.70 million bridge loan for a two-story, 198-room hotel property in Fayetteville, North Carolina. The 131,000 square foot property was built in 1983 and renovated in 2011.
• A $7.70 million bridge loan for a multi-tenant, medical office building in San Jose, California containing 20,341 square feet of rentable space.
• An $8.50 million bridge loan for a five-story, multi-tenant office property in Orange County, California containing 58,755 square feet of rentable space.
• A $4.90 million bridge loan for a two-tenant, 19,107 square-foot anchored retail property in Ocean County, New Jersey.
• A $6.00 million permanent loan for a one-story, 10-tenant retail property in Johnson County, Kansas containing 39,483 square feet of rentable space.
• A $3.48 million permanent loan for a one-story, four-tenant retail property in Johnson County, Kansas containing 21,450 square feet of rentable space.
• A $5.00 million permanent loan for an anchored retail center containing 202,219 square feet of rentable space, located in San Bernardino County, California.
The record-breaking month follows several major milestones for the company. Earlier this year, industry leader and Prosper Marketplace president Ron Suber joined Money360 as an investor and strategic advisor. One of the company’s funds managed by Money360-affiliate, M360 Advisors, also recently successfully registered with the South Korea Financial Supervisory Service. In March, Money360 surpassed $200M in closed transactions. 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.