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Friday, 01 September 2017

Ten-X Inks Deal to Offer Financing on Properties It Markets

Ten-X Commercial has formed a partnership with alternative lender Money360 Inc. to offer financing for properties listed for sale on its auction platform. The lender will vet individual properties that are offered and include a soft commitment. The aim is to add efficiency to the auction process.

Commercial Real Estate Direct Staff Report

Money360 Inc., a two-year-old alternative lender focused on writing and funding small to middle-market loans against properties across the country, has formed a partnership with Ten-X Commercial that could beef up its origination volumes substantially.

The partnership would give the Ladera Ranch, Calif., lender "a front row seat" to properties offered on the Ten-X platform, explained Evan Gentry, chief executive and founder, who previously ran opportunistic investor G8 Capital. The idea behind the partnership is to expand the size of the investor universe pursuing properties on the auction platform by offering financing.

Here's how it would work: Money360 would underwrite certain properties offered on the Ten-X platform and provide a soft commitment for financing. The lender's offers then would be included in information distributed among prospective investors.

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