LADERA RANCH, CA--(Marketwired - January 26, 2016) -
Money360, the leading commercial real estate online marketplace lending platform, today announced 2015's results of more than $56 million in closed commercial real estate loans. The firm provided debt-transaction deals across the United States for multifamily, retail, industrial, hospitality and office properties. After launching in the fall of 2014 and closing out that year with $11.5 million in deals closed, 2015's transactions reflect an increase in momentum by more than quadrupling the total amount of deals closed compared to 2014.
"As our first full year in operations in originating loans, 2015 was a strong expansion year for us. We struck deals across the country, and it sets the stage for an even stronger 2016," said Evan Gentry, CEO and founder of Money360. "Our deal volume continues to pick up, reflecting the growth of online marketplace lending in the $3 trillion commercial real estate industry."
Money360's deals represent a diversified range of transactions across the United States with closings in California, Florida, Illinois, Indiana and Montana. A sampling of deals closed in 2015 includes the following:
- In California, Money360 facilitated a loan of $16.6 million for an office property in Sacramento; a $9.7 million loan for an office property in Burbank; and provided a $3.1 million loan in Palm Desert.
- In Florida, Money360 provided a loan of $8.7 million for hospitality properties in Orlando and Kissimmee, and provided a loan of $1.6 million for a Jacksonville industrial property.
- In Illinois, Money360 provided a loan of $6.7 million for an office property in Lombard and $1.1 million loan for a multifamily property in the City of Normal.
- In Indiana, Money360 facilitated a loan of $4.7 million for an Indianapolis-based retail property.
- In Montana, Money360 provided a loan of $2.9 million for a multifamily property.
Since its launch in the fall of 2014, Money360 has closed more than $67 million to-date in commercial real estate term loans across the United States.
"Our operations in 2016 will be focused on expanding our commercial real estate loan programs and we will continue to expand our technology platform, origination capabilities and back office personnel," said Gary Bechtel, president of Money360. "We are setting ourselves up to make Money360 the number-one marketplace lender and preferred online financing source for both borrowers and investors in the commercial real estate finance industry."
"We're excited by the opportunities that exist across the U.S. for our marketplace lending platform and extending our financing reach in 2016," added Gentry. "Ultimately, it will greatly benefit our investors to have a wide variety of lending options from which to choose."
In related news, Money360 recently announced the appointment of John Maute, co-founder of Helios AMC, and Jon Barlow, founder and former CEO of Eaglewood Capital Management, to its Board of Directors. Maute and Barlow were the sole funders of Money360's recent $2.5 million Series A capital raise. The Series A capital raise will help the company build out infrastructure and contribute to its continued national growth.
Money360 (www.money360.com) is an online marketplace lender, matching commercial real estate borrowers with institutional and accredited private investors nationwide. Money360's team of commercial real estate experts originates, underwrites, and services all the loans. Borrowers and lenders (investors) can apply at www.money360.com.