LOS ANGELES, Sep 21, 2015 (BUSINESS WIRE) — PeerStreet, the leading marketplace-lending platform for real estate debt, today announced record-setting results for the summer months that pushed its total investments to more than $32 million, including the largest real estate marketplace loan ever, a $6.56 million loan in Southern California. To date, PeerStreet has funded loans on 66 properties, with an average net yield to investors of 7.7%. This puts the company on a path to outpace the growth patterns of many of the most successful consumer debt investment platforms.
“We’re very happy with the progress we’ve shown to date. Our goal is to provide investors the best risk-adjusted returns possible and the fact that we are able to do so, while growing at a faster pace than other marketplace lending platforms at similar stages in their life cycle, is exciting,” said Brew Johnson, CEO and Co-founder of PeerStreet.
COO and Co-founder, Brett Crosby added, “Our growth is the result of several key factors, including competitive yields, an asset class that is backed by real estate, a highly scalable loan acquisition model, and a technology platform that makes investing simple and intuitive. And of course, timing is an important factor; investors are generally much more accepting of disruptive platforms in their search to find relatively safe returns on cash.”
PeerStreet also expanded its team this summer, bringing on a number of key executives. Sara Priola was appointed General Counsel, adding more than 13 years of real estate law experience to the team. Marc Heenan joined the real estate team to head up Commercial Originations and Asset Management. Heenan came to PeerStreet after serving as First Vice President for OneWest Bank’s Commercial Real Estate Group. Brendan Kao and Brian Channell joined the product and tech teams as Head of Product Management and Head of User Experience, respectively. Kao previously served as a product manager at multiple tech companies, including Amazon and Zest Finance. He also has a JD from NYU and a Master’s in Computer Science from MIT. Channell joined PeerStreet after 10 years at Yahoo where he managed very large UX teams.
PeerStreet raised a $6.1 million seed round in the first quarter of this year. The startup has attracted interest from investors across the real estate, technology, finance, law and investment industries, and on both coasts. Notable investors include:
Felicis Ventures, early stage VC, led by Wesley Chan
Guggenheim Partners, led by Rob Brennan and Anand Gajjar
Dr. Michael Burry, Founder of Scion Capital
Chris Warmuth, President of City National Bank
Adam Nash, President and CEO of Wealthfront
Doug Holte, President of Irvine Company Office Properties
Additional information about the PeerStreet platform can be found at: https://www.peerstreet.com