Potential buyers of Ten-X properties receive access to more financing while sellers can be more confident buyers will find that financing. The two companies will work together to identify appropriate commercial properties and then pre-arrange financing and pre-underwrite bridge and/or permanent loans for qualifying ones. Lender offers and terms will be listed on Ten-X and following a deal Money360 will work with the buyers to process loans.
“Our mission is to accelerate real estate transactions for buyers, sellers and brokers, and our partnership with Money360 to provide pre-approved financing is a natural extension of our platform,” said Steve Jacobs, general manager of Ten-X Commercial. “Money360 offers a unique combination of cutting-edge technology and decades of experience in commercial real estate financing. The streamlined financing process will provide a customer-friendly solution to buyers who need financing to close transactions.
“This partnership will enable prospective buyers to make bids and offers with greater confidence, which in turn will lead to accelerated close rates for sellers.”
“We’re excited to work with Ten-X Commercial, a true industry pioneer, to offer financing to their buyers,” Money360 CEO Evan Gentry said. “They are an ideal partner, as both of our companies are committed to using technology to make the purchase and financing of CRE properties more efficient and transparent, leading to higher closing rates and increased certainty of execution.”