An un-named New York investment firm has agreed to buy $100 million in loans from the lending platform Money360.
The firm was described as a pioneer in online lending in this week’s announcement from the peer-to-peer (P2P) lending platform.
Money360 said it has secured $110 million to originate/purchase loans to borrowers through through a $100 million loan purchase agreement and partnership with the New York firm that, as well as $10 million in cash raised by Money360 through its wholly owned subsidiary, M360 Fund 1, LLC, from investors including investment banking executives and successful technology entrepreneurs.
“We are excited to be partnering with this leading New York investment firm, and that so many investors are enjoying the opportunity to invest in these attractive opportunities,” said Evan Gentry, CEO and founder of Money360.
“The additional funding capacity will allow us to keep up with the growing demand that we are seeing from commercial real estate borrowers.”
Dan Vetter, president and co-founder of Money360, added, “The real estate peer-to-peer lending market presents an excellent opportunity for both investors and borrowers alike, as it allows them to bypass traditional bank loan models. We are grateful for the opportunity to continue to showcase the value and benefits of using this lending model for both parties.”
