LADERA RANCH, CA--(Marketwired - October 09, 2017) - Money360, a technology-enabled direct lender specializing in commercial real estate (CRE) loans, today announced it closed more than $100 million in loans in the third quarter of 2017. This brings the company's total loan closings to over $450 million, with a target of $600 million in transactions by year-end.
"Our rapid growth is a testament to the structuring expertise, speed and certainty of execution that we offer borrowers on commercial real estate transactions," said Evan Gentry, Money360 founder and CEO. "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 focuses 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.
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.