In the past I invested decent sums in LendingClub and Prosper, but ultimately decided I didn't like the concept of unsecured lending. I'm wondering if anyone in this forum has experience with Peerstreet or any of the other P2P lending services where the loans are backed by real estate? I've made plenty of private hard money loans in my home town, and they've worked out wonderfully, but there are rarely enough to meet my appetite. Is Peerstreet a good way to go?
Has Anyone Tried PeerStreet?
- Thread starter RenoJay
- Start date
Lakewood90712
Thinks s/he gets paid by the post
- Joined
- Jul 21, 2005
- Messages
- 2,223
Never herd of them, but my gut reaction is to avoid. The reason your hard money lending is successful, is you know exactly who and what you are dealing with. A broker takes a commission, and the brokers main focus is that commission, not finding leeds that will not go sour.
To expand your private lending, put small box ad's in the business section of whatever local newspaper still exists in nearby towns.
Just my 2 cents worth.
To expand your private lending, put small box ad's in the business section of whatever local newspaper still exists in nearby towns.
Just my 2 cents worth.
Last edited:
euro
Thinks s/he gets paid by the post
- Joined
- Oct 4, 2015
- Messages
- 2,343
Have not had any dealings with Peerstreet, but I have done investments with PatchofLand, and RealtyMogul, both for equity and debt. Both companies have been solid.
RealtyShares is popular too, but I have not done anything with them.
RealtyShares is popular too, but I have not done anything with them.
djr59
Recycles dryer sheets
I do peer street. I am doing a few of them. I think the concept is solid. I just started and only small amounts and low ltv. You have to do your homework. Not every loan is a winner and a bad one can tie up or lose your principal while it goes into foreclosure.
