California commercial real estate marketplace lending platform Money 360 has raised $8.5m in debt financing. Money360, Inc. is a direct lender that offers borrowers speed, convenience and reasonable terms on small- to mid-balance commercial real estate loans.
The $8.5 million bridge loan allowed the borrower to pay off a maturing seller-financed loan, which was at a higher interest rate, and provides approximately $4.8 million cash out for the impending near-term buildout of additional classroom and facility space for the tenant, a K-12 charter school in Spartanburg, South Carolina. "This transaction reflects a scenario typical for many commercial property owners who are facing loan maturation and have been squeezed out of the traditional CMBS market," said Money360 founder and CEO Evan Gentry. "We were drawn to this transaction because the borrowers had already invested a substantial amount of their own capital into the property and had an excellent track record in developing this property type." The new loan term is fixed for two years, includes an interest-only payment, and has a limited prepayment penalty.