LADERA RANCH, CA--(Marketwired - January 24, 2017) - Facing a year of consistent growth with record-breaking monthly transactions under its belt, Money360, the leading commercial real estate online marketplace lending platform, has enhanced its origination team with two new hires to direct recently created company divisions and support increasing demand in the Northeast and Northwest regions of the United States.
Longtime banking and commercial mortgage executive David Christensen brings more than 30 years of industry experience to spearhead Money360's new Northwest region, and will be based out of San Francisco, Calif. Veteran commercial real estate finance expert Kenneth Wood will head up the company's new Northeast region based in Stamford, Conn. In their new roles, Christensen and Wood will be responsible for enhancing the growth of their respective regions, maintaining and building relationships within the broker and borrower community, and elevating Money360's brand among key audiences.
"We saw tremendous gains in the latter part of 2016, and the momentum continues to mount," said Money360 President Gary Bechtel. "David's and Ken's impressive credentials, deep understanding of local markets, and extensive industry contacts will help us meet the demands of our growing portfolio, and we're proud to welcome them to the Money360 team."
Increasing deal flow in 2016 and projections of robust growth in 2017 have prompted Money360 to launch new divisions that will drive new loan transactions and investment opportunities in the coming year. Recently, Money360 closed a record-breaking month of $35 million in loans completed in December. The company anticipates passing the $200 million mark for its total portfolio in early 2017.
Christensen previously was vice president of Berkadia Commercial Mortgage LLC, where he established and enhanced the commercial debt placement for commercial property loans in Northern California. Prior to that, he held executive positions at Cassidy Turley, Grubb & Ellis Company, Jones Lang La Salle and HSH NordBank. He holds a Bachelor of Science in business administration from Chapman University and has studied advanced real estate finance at the University of California, Irvine. He is a member of CCIM, NAIOP, CMBA, ICSC and BOMA.
"To join Money360 at the cusp of what will be an exciting period of expansion for the company is an honor," Christensen said. "Growth like this is the direct result of adding proven value to clients while delivering superior results."
Wood brings nearly 30 years of industry experience spanning all facets of commercial real estate. He has managed individual loans of up to $50 million and averages close to $100 million in loans annually. He has served in executive management and leadership roles for MC-Five Mile Capital, Patriot National Bank, Hometown Commercial Capital and Impac. He is a certified general appraiser, a former zoning commissioner for the City of Norwalk, Connecticut, and holds a Bachelor of Science in finance from Sacred Heart University.
"Marketplace lending is revolutionizing the commercial real estate industry by providing borrowers with timely access to the capital they need to keep their investments moving forward," Wood said. "I am eager to be on the cutting edge of this field with Money360, and look forward to being a part of the company's growth."
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.