PeerStreet is one of the fastest growing P2P lending platforms. The platform has reached more than $2 billion in investments from lenders at the end of the first quarter, sharply higher from $1.7 billion at the beginning of this year.
Out of the total funding of $2 billion, it had added $1 billion of funding in the last year alone and $0.3 billion in the first quarter. This P2P platform expects to extend the momentum in the coming days. To attract more investors and borrowers, the platform is focusing on loan quality, improving customer experience and expanding the investor’s ability to easily diversify in this asset class.
PeerStreet P2P platform had made several changes in their credit box last years; they rolled out several new loan products for investor’s diversification. Investors will now have access to several Investment options such as single family residential, commercial, and multifamily, cash offer loans, and 30-day notes.
It has also declined its minimum investment requirement to just $100. The drop in minimum investment indicates that the platform is seeking to attract a wide range of investors.
The four-year streak of no net losses is among the factors that are helping PeerStreet to attract more investments.
The platform says, “Our in-house Underwriting, Servicing, and Asset Management teams work with the goal to approve quality lenders, bring quality loans onto the platform, collect and distribute payments from borrowers, and, if/when a loan goes into foreclosure, work hard to ensure investors get paid back.”
The P2P platform has recently appointed Deepa Salastekar as the Vice President of Institutional sales. With the 20 years of experience in capital markets, Deepa Salastekar’s appointment is meant to expand PeerStreet relationship with institutional investors across all investment types available on their platform. On the whole, this P2P platform is taking all the necessary steps to attract more investments from lenders.