Following another record setting quarter, commercial real estate marketplace lender Money360 is just getting started, founder and CEO Evan Gentry believes.
The company closed $143 million in loans in Q2, bringing its total to more than $350 million. It is on pace to top the $500 million mark before the end of 2017.
“We’re really excited about the growth we’re seeing,” Mr. Gentry said. “We started slow, built a solid foundation and seasoned team, and now we’re ready to push on the accelerator and grow our business.”
Technology of course plays a key role at Money 360, Mr.Gentry said, while adding their proprietary technology allows them to originate loans in as little as two weeks.
“That’s really revolutionary in this space,” Mr. Gentry explained.
On the local level relationships remain key, Mr. Gentry said. Money360 has recently hired eight regional directors, each with a minimum of 25 years of commercial real estate experience. Their networks and knowledge of local markets has been a key factor in Money360’s success.
So is adherence to strong underwriting standards, Mr. Gentry said. Money360 typically considers more than 100 properties for every five to ten they fund.
Taken together, these factors have Money360 on a path to $100 million in monthly originations, Mr. Gentry said. That has them thinking beyond the niche of marketplace lending.
“We want to establish Money360 as a leader in commercial real estate lending as a technology-enabled direct lender.”
Money360 Q2 highlights
•A $15.6 million bridge loan for a three-tenant medical office property in Grand Forks County, North Dakota
•A $11.1 million bridge loan for the acquisition of a multi-tenant retail property in Wayne County, Michigan