National Expansion Announced By Money360
After successful California launch, peer-to-peer real estate lending marketplace Money360 announces plans to expand nationally with more than $500 million available for lending.
Here is the press release:
LADERA RANCH, CA, Jun 18, 2012 (MARKETWIRE via COMTEX) — Money360, Inc. (money360.com) announced today a nationwide expansion of the first peer-to-peer (P2P) real estate lending marketplace. More than $500 million is currently available to lend through registered private lenders across the nation seeking to make commercial and residential loans.
Money360 is not a bank, but a P2P marketplace streamlining traditional banking by allowing private real estate lenders around the country to provide mortgage financing directly to commercial and residential borrowers. P2P lending is growing rapidly. Online Banking Report published by NetBanker has reported the following on the peer-to-peer (P2P) lending market: “After growing five-fold in two years (2011 vs. 2009), we expect continued strong growth of nearly 40% compounded annually through 2021.”
“Peer-to-peer lending has really taken hold as P2P companies like Lending Club and Prosper have achieved remarkable growth. Money360 is positioned to revolutionize traditional and P2P lending models as we offer the first P2P marketplace where borrowers seeking residential and commercial loans are matched to lenders and investors from all over the country looking to make common-sense loans,” said Evan Gentry, CEO of Money360. “Borrowers, who are otherwise being turned down by banks, are taking advantage of Money360′s unique ability to match them to private lenders who make loans secured with real estate and who will directly manage the loan.”
Money360′s LoanMatch technology makes it possible for borrowers to obtain common-sense P2P mortgage loans at a time when banks turn them down because they don’t meet the tight lending standards, even though they may have equity or cash for a down payment. Many of the lenders registered on Money360 are seeking to make asset-based loans and are less focused on credit history and income documentation. Individual borrowers/companies can post residential or commercial real estate loan requests, specifying the loan details, terms and maximum rate they will accept.
With Money360′s LoanMatch technology, borrowers gain immediate access to private lenders with capital focused on their specific loan type and market. Borrowers that have been successfully matched to lenders through Money360 include borrowers with challenged credit histories and recent foreclosures, as well as self-employed borrowers and borrowers with inconsistent income sources. Closed loans have included bank short-sales. Private lenders have included local investors, real-estate investors and private real estate lenders, all of which are generating healthy returns by making real estate-secured loans at a time when other asset-secured investments are generating negligible returns.
About Money360, Inc.
Money360 ( www.money360.com ) is the first peer-to-peer (P2P) real estate lending marketplace. Borrowers are matched directly with private lenders through Money360′s proprietary LoanMatch technology. The current real estate credit market is broken. Good borrowers can’t get financing because banks are not lending. Private lenders (companies and individuals) have capital to invest, but can’t find the right opportunities. Money360 is leading a revolution to replace traditional banking/lending models of the past with a more efficient and less costly model that directly matches borrowers with lenders. Come join the lending revolution.