LADERA RANCH, CA--(Marketwired - January 16, 2017) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided financing to a commercial property owner to purchase a fully leased retail center in Mobile, Alabama.
The $3,865,000, five-year loan is secured by the 1.61-acre, 16,710-square-foot Airport Boulevard Shops shopping center, which is 100% leased to four tenants: MovieStop, GameStop, FedEx Office and Panera Brea. The center was constructed in 2004 in the heart of Mobile's dominant retail corridor, commonly referred to as the "Miracle Mile."
The loan is fixed for 5 years at 4.125% interest with a loan-to-purchase ratio of 75%. The highly experienced borrower, with properties throughout the United States, is under contract to acquire the property for $5.15 million.
"This transaction featured a highly experienced borrower purchasing a retail center in a very strong trade area with many other national tenants," said Money360 founder and CEO Evan Gentry. "Our loan allowed the borrower to acquire the property and add it to an already impressive portfolio of retail outlets all over the U.S."
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.