LADERA RANCH, CA--(Marketwired - March 06, 2017) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided a $3.25 million bridge loan to the owner of the Regency Business Center, a four-building office property in Jacksonville, Florida.
The loan, secured by a first-lien deed of trust, allows the borrower to pay off a maturing, higher-interest-rate acquisition loan and buy out an existing partner's interest in the office complex with the intent to eventually sell the property. The 45,500-square-foot, multi-tenant suburban property, constructed in 1973, is in the midst of an extensive renovation that includes a new roof and HVAC, plumbing and replaced drain lines, drywall, carpeting and new paint.
The property is 97.4 percent occupied with units ranging from 97 square feet to 1,200 square feet. Money360's loan has a fixed rate and a 24-month term. The loan-to-value ratio on the transaction was 65%.
"Regency Business Center, with its recent upgrades and high occupancy rates, is an extremely viable investment," said Money360 founder and CEO Evan Gentry. "Money360's bridge loan allows the borrower to continue with his business plan without interruption or delay."
Money360's vision is to transform commercial real estate finance into a fast, transparent, and reliable marketplace for borrowers and investors. Money360 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.