LADERA RANCH, CA--(Marketwired - December 05, 2016) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing for a single-tenant retail building located in Dayton, Ohio.
The building, which is currently 100 percent leased to Panera Bread, is located next to the Dayton Mall and within a heavily retail-based area with tenants such as Sears, Macy's, J.C. Penney, DSW, Office Depot, Best Buy and TJ Maxx, among others.
The $1.9 million permanent loan allowed the borrower to recoup capital previously utilized in the acquisition of the property. Additionally, the longer loan term and prepayment structure outlined in the deal provided necessary flexibility in the financing.
"Borrowers that need flexibility in the structures of their transactions continue to seek out Money360 to get their deals done," said Money360 president Gary Bechtel. "We were drawn to this transaction because of the property's strong real estate fundamentals and its occupancy by a nationally-known brand."
The recourse loan is fixed for five years at an interest rate of 4.500%, utilizing a 25-year amortization schedule and a declining pre-payment penalty.
Money360, Inc. is a direct lender that offers borrowers speed, convenience and reasonable terms on small- to mid-balance commercial real estate loans. Money360 operates a marketplace lending platform that caters to institutional and accredited retail investors, providing direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate. Money360 also operates an investment management company, M360 Advisors, LLC, which manages diversified fund vehicles on behalf of institutional and accredited retail investors. Borrowers and lenders (investors) can register at www.money360.com.