Money360 Inc. has launched what it describes as the first peer-to-peer (P2P) real estate lending marketplace. The marketplace, which is now available in California, allows private lenders to provide mortgage financing directly to borrowers.
With plans to expand nationally, Money360 says that $30 million is already available to lend to California borrowers for commercial and residential real estate loans between $200,000 and $5 million.
Using Money360's LoanMatch technology, individual borrowers and companies can post residential or commercial real estate loan requests, specifying the loan details, terms and maximum rate they will accept. Private lenders are matched to pre-screened and underwritten loan requests that match their specified preferences.
As part of the P2P marketplace, Money360 handles all loan administration, loan servicing and collections on behalf of individual lenders.
SOURCE: Money360 Inc.