PeerStreet is proud to announce that we have now funded more than $75 million in loan volume and exceeded $25 million returned to investors.
We were also recently named “Innovator of the Year in Lending for 2016” by Think Realty Magazine. Think Realty named 20 leaders in the real estate investing industry with an Award of Distinction, and we’re honored to have won our category. We will be formally accepting the award at the national conference in August. More information can be found in our press release and blog.
More Transparent Experiences for Our Users
Additionally, things have been heating up on all fronts. Last week we announced several significant product releases aimed at further aligning the product experience with the company’s core values of transparency, access and control. If you missed those updates, additional details can be found in our press release and this blog post.
Positive momentum keeps building. We have a lot of new investors on the platform (welcome!) and investments are closing quickly. We are currently ramping up production even more to ensure we have the right loans to meet the demand.
Addressing Marketplace Lending News
It’s been an interesting quarter for marketplace lending. Recent LendingClub turmoil has a lot of people asking about the strength of the industry. What has that meant for us? This CNBC article covering the Lending Club fallout features my co-founder, Brett Crosby, and summarizes the investor shift to our asset class that we’ve observed during the past couple months.
Some of the money that had been chasing Lending Club’s high yields is turning to other emerging online platforms. PeerStreet, a marketplace that allows lenders to invest in real estate loans, is seeing heightened volume, said Brett Crosby, co-founder and operating chief at the Southern California start-up. Because PeerStreet loans are secured by first liens on real estate, investors shoulder less default risk than with consumer debt.
“We’ve seen a lot of new users coming over that were elsewhere,” Crosby said. “They’re saying, `We like the fact that your asset is secured by real estate and there is a real underlying asset.'”
Even More Coverage for PeerStreet
In addition to the CNBC coverage, we’ve received a lot of positive press during the past several months that has peaked more investor interest in PeerStreet. I’ve summarized the key mentions below:
- “PeerStreet lowers barriers for accredited investors who want to access real estate debt.” TechCrunch.
- “A New Path to Yield.” Financial Advisor Magazine.
- “Four Lessons on Work Culture that I Learned at Google.” Written by Brett Crosby and featured in Fast Company.
- “High Efficiency Real Estate Investing.” Mr. Money Mustache.
- “Top 7 Real Estate Crowdfunding Sites for Investors.” A new eBook by Joe Stampone, author of A Student of the Real Estate Game.
- “A Different Perspective.” PeerStreet’s first guest blog post from one of our customers.
It’s been an exciting quarter and we are looking forward to what’s to come. Without our customers, none of this would be possible. Thank you for your continued support.
