Money360 Enters $150 Million Repurchase Facility with JPMorgan Chase
Rapidly Growing Non-Bank Lender Expects to Originate Over $1 Billion in Loans in 2019
LADERA RANCH, Calif., Feb. 05, 2019 (GLOBE NEWSWIRE) -- Money360, a technology-enabled direct lender specializing in commercial real estate (CRE) loans, today announced that it has entered an agreement for a $150 million master repurchase facility with JPMorgan Chase Bank, N.A. (the “Facility”), which it will use to finance commercial mortgage loan originations. The Facility has a two-year term and permits advancement of up to 75% of commercial mortgage assets.
“Money360’s mission is to provide flexible, transparent solutions for borrowers,” said Evan Gentry, CEO and Founder of Money360. “This facility will allow us to expand our origination capabilities and our product set to help more borrowers in more markets.”
In 2018, Money360 announced that it had surpassed $1 billion in loans originated and closed since inception. The Company is targeting to originate another $1 billion in commercial mortgage loans in 2019, making it one of the fastest-growing non-bank private lenders.
Money360 is a vertically-integrated, nationwide direct lender that sources, underwrites, closes and services small- to mid-balance commercial real estate loans ranging in size from $3 million to $25 million. Through the seamless union of world-class technology and irreplaceable human expertise, Money360 delivers a smarter, simpler, and more transparent experience from origination to servicing. Borrowers can learn more at www.money360.com.