Real estate loan investment platform PeerStreet says its hit the $1 billion mark for loans funded via its public marketplace since the company was founded. The announcement comes barely a month after PeerStreet said it had closed on a $29.5 million round of funding, led by World Innovation Lab.
PeerStreet said that as investor appetite for short-term real estate backed assets has grown, its managed to establish 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 of 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.”