money360

Money360 Secures 110M US$ for P2P Commercial Real Estate Loans, Including 100M US$ from Leading NY Investment Firm

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Money360, Inc. , an online marketplace / peer-to-peer (P2P)  lending platform that directly connects commercial real estate borrowers with accredited investors, today announced that is has secured 110 million US$ to originate/purchase loans to borrowers through its online lending platform. The money was secured through a 100 million US$ loan purchase agreement and partnership with a leading New York investment firm that has pioneered online lending, as well as 10 million US$ in cash raised by Money360 through its wholly owned subsidiary, M360 Fund 1, LLC, from investors including investment banking executives and successful technology entrepreneurs.

The funding and loan purchase capacity comes at an ideal time, too, as more commercial borrowers than ever are using Money360’s online marketplace to find the best solution for their commercial real estate borrowing needs.  Since re-launching in September 2014, the company has experienced significant growth with more than 150 million US$ in loan requests last month alone. Continue reading →

P2P Lending Year-End Review 2010

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As the end of 2010 approaches here is a selection of main peer-to-peer-lending news and developments covered by P2P-Banking.com:

(Photo by paul (dex))

Money360 – P2P Real Estate Loans

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Money360 offers a first in p2p lending: To my knowledge they are the first live p2p lending service applying the concept to financing real estate loans.

Loan sizes are much bigger than seen before in p2p lending. Minimum loan amount is 200,000 US$, maximum is 5 million US$. The minimum a lender can invest in an individual loan is upscale too: 50,000 US$. This does fit the target audience though as only accredited investors residing in California can join as lenders.

Loans are secured: Each Lender is listed with an undivided fractional interest on the promissory note and deed of trust.

When the transaction is complete and the loan is closed, Money360 will receive a closing fee of 2% of the loan amount. This fee is paid by the Borrower, typically out of the loan proceeds. Money360 charges the Lenders an annual servicing fee of 1.5% of the loan amount for providing all loan servicing functions. Continue reading →