Money360’s Pre-Arranged Loans on the Ten-X Platform Will Expand Pool of Buyers and Boost Certainty of Closing
SILICON VALLEY, Calif. and ORANGE COUNTY, Calif., Aug. 29, 2017 /PRNewswire/ — Ten-X Commercial, the nation’s leading online real estate transaction marketplace, today announced that it has partnered with Money360, a technology-enabled direct lender focused on commercial real estate (CRE), to offer financing for properties available for sale. The partnership will expand the investor pool for commercial properties listed on Ten-X by giving prospective buyers assurance they will be able to procure the necessary financing to fill the deal’s capital stack, while providing sellers and their brokers increased confidence that once terms are agreed upon, buyers will be able source a loan and close the deal.
Under the agreement, Money360 will work with Ten-X to determine which commercial properties listed on the Ten-X platform are appropriate for pre-arranged financing, and will then pre-underwrite bridge and/or permanent loans for qualifying properties. The lender’s offers will be listed on the Ten-X property detail page, informing prospective buyers about the available financing terms. After the property trades, Money360 will work with buyers to underwrite, process and close the loans to facilitate the transaction.
“Our mission is to accelerate real estate transactions for buyers, sellers and brokers, and our partnership with Money360 to provide pre-approved financing is a natural extension of our platform,” said Steve Jacobs, General Manager of Ten-X Commercial. “Money360 offers a unique combination of cutting-edge technology and decades of experience in commercial real estate financing. The streamlined financing process will provide a customer-friendly solution to buyers who need financing to close transactions. This partnership will enable prospective buyers to make bids and offers with greater confidence, which in turn will lead to accelerated close rates for sellers.”
“We’re excited to work with Ten-X Commercial, a true industry pioneer, to offer financing to their buyers,” said Evan Gentry, CEO of Money360. “They are an ideal partner, as both of our companies are committed to using technology to make the purchase and financing of CRE properties more efficient and transparent, leading to higher closing rates and increased certainty of execution.”
For Ten-X Commercial, the agreement with Money360 is the most recent in a line of enhancements to the company’s suite of marketplace solutions. Earlier this year, Ten-X released Offer Select 2.0, an enhanced version of its non-auction transaction solution, which incorporates new filtering functionality and other upgrades to simplify the buying process. Together with the Live Bid auction-based format and the Managed Bid hybrid approach, Offer Select 2.0 rounds out Ten-X Commercial’s comprehensive suite of transaction solutions, providing sellers and brokers with the flexibility to choose the transaction method that maximizes the value for their assets. Ten-X has sold more than 300,000 properties since its inception, totaling over $50 billion. Leveraging desktop and mobile technology, Ten-X allows customers to safely and easily complete real estate transactions online.
Money360 focuses on providing small-to mid-balance commercial real estate loans ranging from $1 million to $20 million, while offering investors direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate. The company has closed more than $400 million in total loans and is on pace to close more than $600 million by the end of 2017.
About Ten-X: Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 300,000+ residential and commercial properties totaling over $50 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.
About Money360: Money360 is transforming commercial real estate finance with its fast, transparent and reliable platform for borrowers and investors. A nationwide, tech-enabled direct lender, Money360 offers borrowers speed, convenience and reasonable terms on commercial real estate loans from $1 million to $20 million. The company also provides investors direct access to attractive fixed income investments secured with a first-priority lien against income-producing commercial real estate. Money360’s investment management company, M360 Advisors, LLC, manages diversified fund vehicles on behalf of investors. Borrowers and lenders (investors) can register at www.money360.com.