Online marketplace Ten-X has partnered with tech-forward lender Money 360 to swell their investor pool of buyers.
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.
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.
“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.”
Evan Gentry, CEO of Money360, called Ten-X his “ideal partner,” noting, “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.
Leveraging desktop and mobile technology to allow intevstors to trade, Ten-X has sold more than 300,000 properties since its inception.
Money360 focuses on providing small-to mid-balance commercial real estate loans ranging from $1 million to $20 million. The company has closed more than $400 million in total loan.