Wednesday, March 20, 2019

PeerStreet Launches New Loan Product

Los Angeles-based online real estate investment marketplace PeerStreet--which is backed by Andreessen Horowitz--is expanding the scope of its marketplace with a new loan product, which will offer up loans for purchases of residential rental properties. According to the company, its new Residential for Rent loans have a 30-year term, and are intended to provide long-term financing for residential rental properties. PeerStreet said the expansion comes as a result of people struggling to finance to buy a home, meaning there is a growth in the rental market. The new product is a significant expansion for PeerStreet, which previously was just providing short term, bridge loans for real estate purchases. PeerStreet is led by two serial entrepreneurs, co-founder and CEO Brew Johnson, and co-founder and COO Brett Crosby. The company said the move will help it as it increase its volume of transactions with institutional investors. Brett Crosby was founder of Urchin Software, which he sold to Google and which eventually became Google Analytics.