The partnership will speed the transaction process for sellers and buyers, enabling Ten-X customers to obtain bridge loans within two to four weeks and permanent loans within six to eight weeks, Money360’s Evan Gentry tells GlobeSt.com.
IRVINE, CA—The new partnership between Money360 and Ten-X Commercial will speed the transaction process for sellers and buyers, enabling Ten-X customers to obtain bridge loans within two to four weeks and permanent loans within six to eight weeks, Money360’s CEO Evan Gentry tells GlobeSt.com. As we recently reported, online real estate transaction marketplace Ten-X and technology-enabled direct lender Money360 have formed a partnership to offer financing for properties available for sale. The partnership aims to 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 to source a loan and close the deal.
We spoke with Gentry about how technology has altered the CRE process and what the partnership means for the industry.
GlobeSt.com: How has technology greatly altered the CRE process?
Gentry: Technology has impacted the CRE industry in many ways, including both the sale and financing sides of the business. Technology provides for more efficient communication between all parties, more rapidly scalable marketing of properties, and automated and streamlined data collection in due diligence and underwriting. Each of these advances created by leveraging technology leads to a more efficient and streamlined CRE sale and financing process.
GlobeSt.com: How will this partnership impact the speed, transparency and funding of CRE properties?
Gentry: Ten-X and Money360 are both pioneers in utilizing technology to facilitate real estate transactions. Unlike other so-called real estate technology companies, which are just aggregators or disseminators of information, Ten-X actually hosts and completes real estate transactions through its technology. Partnering with Money360 will speed the transaction process for sellers and buyers. In this relationship, Money360 will pre-underwrite CRE properties prior to being posted on the Ten-X platform and provide a commitment for funding. With the property already underwritten, we will then be able to underwrite the buyers quickly and close quickly after they have committed to buy the property. We can close bridge loans within two to four weeks and permanent loans within six to eight weeks.
GlobeSt.com: What does this announcement mean for the industry?
Gentry: This announcement demonstrates that improved solutions for CRE sellers and buyers can be achieved when top-tier real estate technology companies collaborate. Because of this partnership, sellers on the Ten-X platform will benefit from a greater number of bidders with increased confidence because they already have financing in place. CRE buyers benefit from knowing the properties have been pre-underwritten for financing and the knowledge that the transaction can close quickly and on time. For Money360, the partnership creates very strong deal flow which we can then match up with the capital commitments we have received.
GlobeSt.com: What else should our readers know about this partnership?
Gentry: Both firms are committed to utilizing technology to further advance the CRE industry. We chose to partner with Ten-X because they are an industry leader and pioneer, and this relationship creates very strong proprietary deal flow for us, the lifeblood of any lending business. I believe Ten-X chose to partner with Money360 because we provide a broad loan offering (bridge and permanent) and competitive loan programs, and our seasoned teams both share a similar vision of improving the CRE industry through the effective application of cutting-edge technology.