PeerStreet Launches “Pocket” – A New Way For Investors To Earn Interest On Available Cash
LOS ANGELES–(COMMERCIAL THREAD) – PeerStreet, a real estate-backed loan investment platform, today announced the launch of PeerStreet Pocket, a new investment product that allows investors to earn more interest on their cash. The waiting list for PeerStreet users opens today, and early investors should have access to it soon.
PeerStreet Pocket was created in response to investor feedback and requests for alternatives to low yielding bank rates; it is more liquid than other PeerStreet investment products and is not directly tied to a given loan. Pocket offers high yield interest and monthly cash, all with no balances or minimum fees. “We are delighted to announce the launch of PeerStreet Pocket, which directly addresses the needs of our investors who want to ensure that every dollar they have on the PeerStreet platform works for them,” said Brett Crosby, Principal of customers and co. -Founder of PeerStreet.
Money invested in Pocket can be used to store loans before they are sold to investors in the PeerStreet market. Historically, traditional banks and financial institutions have been the source of warehouse capital. Now, thanks to Pocket, accredited investors are able to fulfill this function, further leveling the playing field between Wall Street and Main Street.
“PeerStreet has a strong focus on innovation and bringing new products to market that create long-term value for our customers. Pocket is a direct response to our clients’ demand for a liquid and interest-bearing alternative to holding cash. This is the next step in our evolution to deliver a holistic investment experience on our platform. Said Jeremy Guttenplan, vice president of products at PeerStreet.
PeerStreet Pocket accounts are available to PeerStreet accredited investors, with an initial deposit of only $ 1,000. Investors can withdraw funds from this account once per month, which can then be used to invest in individual loans or PeerStreet’s fund offering. Learn more about www.PeerStreet.com.
PeerStreet is a technological platform that democratizes access to investments in real estate debt. The company’s technology-driven single market allows investors to diversify their capital into a fixed-income asset class that was previously difficult for individuals to access.
Loans come from approved private lenders across the United States who often have regional real estate expertise and long-term borrower relationships. PeerStreet allows these lenders to increase their loan capital, allowing them to make more loans, which is passed on to borrowers who in turn improve their local communities, one home at a time. As of February 2020, PeerStreet had completed more than $ 3.5 billion in transactions on its platform. PeerStreet was founded in 2014 and is backed by renowned venture capitalists like Andreeson Horowitz, World Innovation Lab and Thomvest.