Real estate marketplace lender Money360 announced on Monday it has surpassed $1 billion in loans originated and closed since inception. The announcement comes just 11 months after the lending platform revealed it had hit $500 million.
Launched in 2014, Money360 is described as a vertically-integrated, nationwide direct lender that sources, underwrites, closes and services small- to mid-balance commercial real estate loans ranging in size from $3 million to $25 million. While speaking about the latest milestone, Evan Gentry, Founder and CEO of Money360, stated:
“From the beginning, Money360 has been committed to revolutionizing the commercial real estate lending industry. We built the company with a highly seasoned team that possesses exceptional credit experience through all market cycles, and an origination team with deep local market expertise. Our proprietary technology and efficient back office drive a fast, reliable and transparent lending process to create a best-in-class market solution. Our first $1 billion milestone underscores our success in becoming a market leader by providing a more streamlined and client-friendly solution for brokers and property owners to obtain financing, and we expect to hit the second billion in 2019.”
Money360 also reported that over the past few years, the platform has grown its team to nearly 40 staff members, adding personnel to the Midwest, Southwest and Western Regions, enhancing its local market expertise across the U.S. Money360 is notably represented by influential industry leaders on its Board of Advisors, including former Citigroup President John Havens, former President of T. Rowe Price Global Investment Services, Todd Ruppert, and Ron Suber, Prosper Marketplace president Emeritus.