SOURCE: Money360

Money360

October 10, 2016 11:00 ET

Money360 Closes $6 Million Permanent Loan for Texas Property

LADERA RANCH, CA--(Marketwired - October 10, 2016) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing for the refinancing of a single-tenant industrial building, located in Bryan, Texas.

The $6 million permanent loan allowed the borrower to pay off a higher interest rate loan, and provides approximately $500,000 of cash out that was used to fund capital leasehold improvements that were made as a part of a new lease for a national tenant which recently took occupancy.

"We have continued to see a trend of borrowers in need of financing that will refinance maturing loans or those with higher interest rates, as well as provide capital to fund property improvements or additional capital reserves," said Money360 president Gary Bechtel. "This transaction fit well within our criteria because the borrower had already invested a substantial amount of their own capital into the property and has a long history of effective ownership, management and property maintenance."

The recourse loan is fixed for five years at an interest rate of 4.375%, utilizing a twenty-five-year amortization schedule, and no prepayment penalty.

About Money360

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.

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