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PeerStreet Resumes Funding Loans

NationalMortgageProfessional.com
May 08, 2020
PeerStreet has resumed funding loans on its platform following a pause

PeerStreet has resumed funding loans on its platform following a pause.
 
On March 19, PeerStreet made the decision to pause funding loans in order to better analyze how the economic impact of the COVID-19 crisis was affecting market demand and risk appetite for loans. As one of the first firms to press pause, PeerStreet is resuming funding under new credit box requirements, which has been updated to reflect a more conservative investment market and provide greater protection for investors.
 
The updated credit boxes have a lower maximum LTV and higher minimum FICO, generally representing more conservatism in the market. Interest rates have increased which translates into higher yields for investors.
 
This move is an important step in re-opening the real estate debt markets for single-family bridge and rental spaces, allowing not just PeerStreet, but its entire network of investors, lenders, borrowers and the community of people they represent, to begin getting back to business.
 
“Our two-sided marketplace business model was created to ensure there’s efficient connection between supply and demand for real estate debt, and after pausing to review the current situation, we’ve adjusted to reflect where the market is now,” said Brew Johnson, CEO of PeerStreet. “COVID-19 has definitely affected the mortgage industry, but our platform was created to help facilitate the flow of capital. Resuming funding lenders is an essential first step in getting the industry moving again.”

 
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