What is an Early Access loan?
An unfunded loan that is posted on the platform that is dependent on the demand for the loan.
What does it mean for a loan to be funded?
A funded loan is a loan that has already been originated by a lender that the lender now wishes to make available for investment through the PeerStreet marketplace.
What does it mean for a loan to be unfunded?
An unfunded loan is a loan that has not been originated yet. The lender or broker is seeking to fund that loan by making it available for investment through the PeerStreet marketplace.
An unfunded loan has less certainty around pricing and time to close, which are dependent on the demand for the loan as well as getting required documents from the borrower.
If at any point the unfunded loan is cancelled, any invested funds will be immediately returned to the investors. If the loan closes and you no longer want to invest, you will have the customary 24 hours to withdraw.
What is the minimum investment amount?
The minimum investment amount will remain at $1,000.
Are these investments part of Automated Investing?
To begin with, these investments will not be included in Automated Investing.
Can I still cancel out of my investments?
As long as the investment has not closed, you can still cancel out of your investment.
What happens if I invest in an Early Access loan, and it gets cancelled by the lender/broker?
If any investment is cancelled, any invested funds will be immediately returned to the investor. Impacted investors will be notified via email.
Does PeerStreet still have a first lien position in investments in Early Access loans?
How long does it take Early Access loans to typically close?
Generally, it takes up to 20 days to close.