Online peer-to-peer commercial real estate lender Money360 announced today it has funded and closed a $3.1 Million commercial real estate loan in Palm Desert, California. The two-year loan was used primarily to refinance existing debt on a multi-tenant commercial office building and closed within 10 business days. The remainder will be devoted to other capital needs.
Institutional and accredited investors funded the loan, which was secured by a first trust deed while also being personally guaranteed by the borrower.
“This loan is a great example of how Money360 can help commercial real estate investors obtain expedited access to capital, while still doing so at reasonable terms,” said Matt Rogers, Director of Business Development for Money360.
Money360 Co-founder and President Dan Vetter explained how his platform offers value to both borrowers and lenders.
“Money360 has established working relationships with institutional and private investors, which enable us to offer a wide variety of bridge financing options to commercial real estate owners. Because of this, we were able to provide the borrower with a customized and timely financing solution to meet his needs.”
“These loans are also great for institutional and private investors seeking higher returns on secured, lower-risk investment opportunities.”
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