Real estate marketplace lender Money360 announced on Monday it completed more than $100 million in loans during the third quarter of 2017. The platform revealed that the amount brings its total loan closings to over $450 million, with a target of $600 million in transactions by year-end. Notable loans closed in the third quarter include:
A $15 million bridge loan for a six-story, 310-room hotel property in Bloomingdale, Illinois.- A $12.5 million bridge loan for a hospitality property in Burr Ridge, Illinois.
- A $9.9 million bridge loan for a three-story, multi-tenant office property in Fresno, California.
- A $7.6 million bridge loan for a multi-family property in Bemidji, Minnesota.
- A $6.9 million bridge loan for an office property in Denver, Colorado.
- A $4.4 million permanent loan for a retail property in Mount Olive, New Jersey.
- A $1.2 million bridge loan for a two-story apartment building in Miami, Florida.
Speaking about Money360’s latest success, Evan Gentry, Founder and CEO, stated:
“Our rapid growth is a testament to the structuring expertise, speed and certainty of execution that we offer borrowers on commercial real estate transactions. Through our proprietary technology, we bring transparency and efficiency to commercial real estate lending, while our experience allows us to source deals with strong risk-adjusted returns for investors.”
Money360 added it is focused on providing small- to mid-balance commercial real estate loans ranging from $1 million to $20 million while offering investors direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate.