LADERA RANCH, CA--(Marketwired - February 01, 2017) - Money360, the leading commercial real estate marketplace lending platform, announced today that it has provided a bridge loan to the owner of a retail center in Jacksonville, Illinois.
Money360's $8.3 million loan allowed the borrower to pay off a maturing loan on the Lincoln Square center, a 206,257-square-foot anchored retail property that is currently 82 percent occupied by a combination of 29 national and regional tenants. The center was built in 1964 with renovations in 1992 and 1994 that upgraded the façade and made other improvements. It is located within a major retail area with several national outlets nearby. The borrower has owned the property since 1981.
Money360's interest-only loan has a fixed rate and a 12-month term. The loan-to-value ratio on the transaction was 74.6%.
"The borrower on this loan was facing loan maturity," said Money360 founder and CEO, Evan Gentry. "The Lincoln Square center is a viable investment, and our bridge loan enables the owner to continue to do business until permanent financing is secured or the center is sold."
Money360's vision is to transform commercial real estate finance into a fast, transparent, and reliable marketplace for borrowers and investors. Money360 is a direct lender that offers borrowers speed, convenience and reasonable terms on small- to mid-balance commercial real estate loans. Money360 operates a marketplace lending platform that caters to institutional and accredited retail investors, providing direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate. Money360 also operates an investment management company, M360 Advisors, LLC, which manages diversified fund vehicles on behalf of institutional and accredited retail investors. Borrowers and lenders (investors) can register at www.money360.com.
Deniene Rivenburg | Kristina Sarenas
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