Commercial real estate marketplace lender Money360 has reached the $100 million mark in closed commercial real estate loans. Transactions on properties in Arizona, Ohio and Illinois totaling $15.25 million pushed them over the hump.
CEO Evan Gentry credited most of the company’s growth to a contraction in the commercial mortgage-backed securities (CMBS) market. The company has seen more than a doubling in the number of applications from borrowers turned down from CMBS institutions and banks following the introduction of new regulations.
“The continued growth of our lending platform is a testament to the marketplace’s need for non-bank and alternative lenders to fill the void left by banks and the contracting and shifting CMBS market,” Mr. Gentry said. “Leveraging technology and our team’s considerable market experience, we continue to disrupt the traditional lending market and demonstrate our ability to source and close quality commercial real estate (CRE) loans.”
Money360 takes an approach few do in the marketplace by employing regional lending teams.