When we launched PeerStreet in October 2015, we were excited to begin on our journey in transforming the mortgage industry. Our co-founders recognized the need in the market and came together to create a powerful platform to connect investors and lenders.
The growth has been incredible. As investor appetite for short-term real estate backed assets has grown, PeerStreet has quickly become the premier platform for accessing real estate debt investments. Just one year ago this month, we announced that $300 million had been funded since we started. In September, we announced we had surpassed $500 million. And now, we are happy to announce that we’ve surpassed another major milestone — $1 billion in loans funded through PeerStreet.
And we’ve really just started. As our platform has grown, it has created greater opportunity for investors to diversify their capital across loans and for lenders to access a new, reliable capital source. Looking forward, we expect the network effects of the platform to continue creating value and unlocking opportunities for participants because, at the end of the day, scale matters: more investors on the platform means more capital provided to lenders who make more loans to borrowers, which feeds back into more value for investors (greater diversification, better data to refine credit models, new investment products, etc.).
With that in mind, we recently announced that we’ve begun expanding into new asset classes including buy-to-rent, multifamily and small balance commercial real estate loans. We’ve added senior talent, including John Devereux as Chief Real Estate Officer and Greg Galusha as our Head of Commercial Real Estate to help lead those efforts. Not only will these efforts bring even more diversification options to our investors, they provide more flexibility to lenders who can then provide more options to qualified borrowers. Everyone in the ecosystem wins.
Above anything else, the key ingredients that have made PeerStreet successful are our customers, our partners and our incredible team of employees and investors. We thank you all for your continued support and participation as we continue to transform mortgage finance for the better.
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