May 3, 2019
Ladera Ranch, CA-based Money360 surpassed another quarter billion dollars in loan closings. That pushes the technology-enabled direct lender closer to its target of $2 billion in transactions originated and closed since inception by year-end.
Over the past six months, Money360 experienced a surge in demand for financing of multifamily, properties, primarily in growing tier-two cities throughout the U.S., such as Memphis, Detroit and Sacramento.
Money360’s Evan Gentry says, “Bridge financing is critical — particularly for borrowers transitioning from construction financing to a bridge loan while the property is leasing up, prior to permanent bank financing.”
Recent notable loans include:
– a $28 million bridge loan for a high-rise multifamily apartment building in Hattiesburg, MS, brought to Money360 by Black Diamond Capital’s Scott Jansen.
– a $25.8 million bridge loan for a university housing multifamily building in Philadelphia, brought to Money360 by Allied Commercial Capital’s Steve Stadlin.
– a $23.1 million bridge loan for a community retail center in Christiansburg, VA., brought to Money360 by NorthMarq Capital, Inc.’s Andrew Pennington.
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