Money360 is not a newcomer to the marketplace lending industry. They were first mentioned on Lend Academy in 2010 when real estate crowdfunding did not exist. Evan Gentry, Money360’s CEO, having seen the start of the rise of p2p lenders Lending Club and Prosper knew that this model could be applied to real estate. At the time, he knew he was still early so although Money360 remained in operation, they have ramped up operations just recently. We had a chance to speak to Evan to learn more about where they are at now.
Evan has a background in commercial real estate lending and applying technology to the mortgage lending business. Through other businesses he has experience acquiring distressed loans and is an expert in commercial real estate. Money360 officially launched 2 years ago when the team revisited the business model.
Their business mode focuses on income producing commercial real estate loans with a favorable LTV and in turn offering these loans to accredited investors as well as institutions. The minimum investment per loan is $50,000 and the platform allows for institutions and individual investors to invest side by side. Loans range from $1 million to $15 million, but typically fall between $3-$5 million. They have now been originating loans since fall of 2014 and to-date have funded $70 million in loans. $56 million of these loans were originated in 2015 and they expect to exceed $200 million in 2016. Money360 operates nationwide and have made loans in 40 states. [Read more…]