LOS ANGELES--(BUSINESS WIRE)--PeerStreet, an award-winning platform for investing in real estate backed loans, today announced that one billion in loans have been funded through its marketplace since launch. This announcement comes after the company announced the close of its $30 million Series B last month.
As investor appetite for short-term real estate backed assets has grown, PeerStreet has established itself as the premier platform for investing in real estate debt and has scaled at an accelerated rate. Just one year ago, the company announced that it had funded $300 million in loans. By September, it had surpassed $500 million. And now - $1 billion.
Having historically focused on short term bridge loans on non-owner occupied residential properties, PeerStreet is now expanding into other real estate asset classes including buy-to-rent, multifamily and small balance commercial real estate loans. The company recently announced two senior real estate hires, filling the roles of Chief Real Estate Officer and Head of Commercial Real Estate to help expand these programs.
PeerStreet remains focused on its founding mission - to level the playing field between Main Street and Wall Street - by providing investors access to the unique asset class of real estate debt and a longer-term capital source for non-bank lenders and borrowers.
“It’s been incredibly gratifying to watch PeerStreet grow from an idea to where we are today, with over a hundred employees and a billion in loans funded,” says PeerStreet Co-Founder and CEO Brew Johnson. “Hitting milestones like this and seeing our business accelerate is credit to a lot of hard work that has been put in by an amazing team, but we’re still just getting started. We’re more excited about what’s to come.”
“We built this company by applying an ecosystem approach that we’ve seen work with some of the most important technology companies,” adds Brett Crosby, Co-Founder and COO. “If you look at companies like Google and Amazon, they’ve organized and connected a previously disorganized system which unlocked value for all the participants. We’re applying that same concept to the US mortgage finance industry - one of the largest financial markets in the world, but also one of the most opaque and inaccessible.”
PeerStreet has won numerous accolades for both its technology and culture, including the LendIt Emerging Real Estate Platform Award, the Fintech Breakthrough Award for the Best Overall Peer-to-Peer Lending Platform, and being named one of American Banker’s Best Fintechs to Work for. The company has also attracted investors such as Michael Burry and Adam Nash as well as widely respected institutions including Andreessen Horowitz, World Innovation Lab, Felicis Ventures, Rembrandt Venture Partners, Montage Ventures, ThomVest, Colchis Capital and others.
PeerStreet is hiring for high quality talent across a broad set of roles at https://www.peerstreet.com/careers
PeerStreet is an award-winning investment platform focused on democratizing access to real estate debt. The company provides investments in short term, real estate backed loans. PeerStreet allows investors to diversify their capital in an asset class that has been traditionally difficult to access. Loans are sourced and curated from vetted private lenders throughout the United States who have real estate expertise and borrower relationships. The model allows for more borrowers to access capital and improve their local communities, one house at a time.
The company is led by former real estate attorney Brew Johnson, former Google executive Brett Crosby and Y Combinator alumnus Alex Perelman.