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IRVINE, CA—Online real estate transaction marketplace Ten-X Commercial 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.
Evan Gentry, CEO of Money360, tells GlobeSt.com, “Our new partnership with Ten-X will place Money360 in the front row to significant proprietary deal flow, the lifeblood of any lending business. Combined with the meaningful traction we're experiencing on the capital side of our business, we are well positioned to scale rapidly.”
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.
Gentry also tells GlobeSt.com, “Since we have worked very hard the last few years to lay a strong foundation for Money360 with a seasoned team and tech-enabled platform, we are now positioned to grow through this partnership and others down the line. Our broad product offering, which includes both bridge and permanent loans, combined with our competitive pricing and rapid closings, have positioned Money360 well to meet the needs of Ten-X buyers/borrowers and other borrowers being serviced through our eight regional offices.”
Gentry adds that by partnering with Ten-X, Money360 plans to continue to pioneer tech-enabled solutions for commercial real estate buyers and borrowers.
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Steve Jacobs, general manager of Ten-X's commercial division, tells GlobeSt.com, “The real estate technology space has been expanding for years, and CRE professionals are increasingly receptive to innovative solutions that can improve the deal process. While Ten-X CRE remains focused on amplifying the potential of every real estate transaction, we are also constantly exploring new ways to empower our users with solutions that reflect a deep understanding of the industry's pain points. By partnering with Money360 to offer pre-arranged financing, we are streamlining an additional phase of the transaction, and removing yet another hurdle from a traditionally cumbersome process. As more and more industry professionals are exposed to the benefits of real estate technology, we expect companies will explore collaborations to provide buyers, sellers and brokers with the tools they need to compete.”
In a prepared statement, Jacobs said the firm's partnership with Money360 to provide pre-approved financing was “a natural extension of our platform. 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.”
Ten-X's agreement with Money360 is the most recent in a line of enhancements to the company's suite of marketplace solutions. Earlier this year, Ten-X released Offer Select 2.0, an enhanced version of its non-auction transaction solution, which incorporates new filtering functionality and other upgrades to simplify the buying process. Together with the Live Bid auction-based format and the Managed Bid hybrid approach, Offer Select 2.0 rounds out Ten-X Commercial's comprehensive suite of transaction solutions, providing sellers and brokers with the flexibility to choose the transaction method that maximizes the value for their assets.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
