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 →