SOURCE: Money360

Money360

October 03, 2016 11:00 ET

Money360 Completes $8.5 Million Bridge Loan for Refinancing of South Carolina Property

LADERA RANCH, CA--(Marketwired - October 03, 2016) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing to a commercial property owner to extinguish a maturing loan while providing cash out for the buildout of space for the tenant.

The $8.5 million bridge loan allowed the borrower to pay off a maturing seller-financed loan, which was at a higher interest rate, and provides approximately $4.8 million cash out for the impending near-term buildout of additional classroom and facility space for the tenant, a K-12 charter school in Spartanburg, South Carolina.

"This transaction reflects a scenario typical for many commercial property owners who are facing loan maturation and have been squeezed out of the traditional CMBS market," said Money360 founder and CEO Evan Gentry. "We were drawn to this transaction because the borrowers had already invested a substantial amount of their own capital into the property and had an excellent track record in developing this property type."

The new loan term is fixed for two years, includes an interest-only payment, and has a limited 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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