Prathit Thaker Joins as Chief Risk Officer and Peter Margolin as Midwest Regional Director; Hires Key to Enterprise Scalability and Doubling of Nationwide Operations
LADERA RANCH, CA--(Marketwired - March 01, 2016) - Money360, the leading commercial real estate online marketplace lending platform, today announced the hiring of two senior leadership positions to further strengthen the expansion of its online marketplace lending platform. Prathit V. Thaker joined as Chief Risk Officer, and Peter J. Margolin as Midwest Regional Director. Both hires are key to promoting the enterprise scalability of the platform, realizing the company's plans to double its nationwide operations this year.
Thaker brings more than 20 years of commercial real estate finance experience, specializing in the design of credit risk frameworks and underwriting analysis on small business administration (SBA) and complex commercial real estate loans. Margolin has more than 25 years of experience in the commercial real estate industry and a proven track record of closing deals.
"Highly experienced commercial real estate experts are the backbone of our team -- Prathit and Peter further strengthen it," said Evan Gentry, CEO and founder of Money360. "As we scale our operations to tap into the $3 trillion market opportunity in commercial real estate, it is critical that we bring to bear the type of deep experience in complex credit risk, underwriting and business development that Prathit and Peter offer, respectively."
As Chief Risk Officer and the newest member of the leadership team, Thaker will be responsible for the enterprise risk framework to assess and mitigate credit, market, operations, competitive and regulatory risks for the company. Prior to Money360, he was a credit risk and real estate finance consultant, where he helped build innovative credit risk frameworks, underwriting policy and procedures and credit risk models for a national real estate lender. At Rabobank, N.A., he was in charge of credit risk management of more than $1 billion of loan portfolios of two failed banks acquired from the FDIC through risk-sharing deal structures. In addition, Thaker has held various positions at Lehman Brothers, the FDIC, Hometown Commercial Capital, Bridger Commercial Funding, Ariba, Buildfolio.com and Bear, Stearns & Co. Inc. Thaker earned his Master of Public Administration from The Kennedy School at Harvard University. Additionally, he earned his Master of Architecture and Master of City Planning from the University of Pennsylvania.
"Prathit's proven track record in creating innovative risk frameworks, risk models and assigning risk ratings will improve on the efficiencies of our current underwriting process and thereby help us close more transactions," said Gary Bechtel, president of Money360.
Margolin's role as Midwest Regional Director will be focused on the origination of loan opportunities, helping to grow the firm's deal pipeline. Prior to his position with Money360, Margolin most recently held the role of vice president at PennyMac Commercial Real Estate Finance, where he opened the first office for PennyMac CREF in the Midwest. Over the course of this career, Margolin has originated more than $900 million in commercial real estate mortgages. Prior to PennyMac CREF, Margolin held roles at Centerline Capital Group/Hunt Mortgage Group; Arbor Commercial Mortgage, LLC; LaSalle Bank, N.A.; J.P. Morgan Mortgage Capital, LLC; and Bridger Commercial Funding, LLC. Margolin earned his Master of Science in Real Estate from the University of Wisconsin's Madison School of Business. He earned his Bachelor of Arts in Political Science from the University of Wisconsin.
"Peter's regional network of contacts, ability to close deals and experience in successfully opening new offices are tremendous advantages for us, and will dramatically help us accelerate our operations in the Midwest," added Bechtel.
In related news, Money360 recently announced the company closed more than $56 million in commercial real estate loans in 2015 and, since its launch in the fall of 2014, closed more than $67 million to date.
Money360 (www.money360.com) is an online marketplace lender, matching commercial real estate borrowers with institutional and accredited private investors nationwide. Money360's team of commercial real estate experts originates, underwrites, and services all the loans. Borrowers and lenders (investors) can apply at www.money360.com.