PeerStreet, a platform for investing in real estate-backed loans, has announced the addition of Cash Offer Loans as an investment option.
Homebuyers who avail of Cash Offer Loans can make an all-cash offer to homesellers. The company said its relationship with innovative real estate technology companies that offer purchase programs for homebuyers allows it to offer the option to investors.
The new option provides investors on the platform a shorter duration compared to typical bridge loans. By investing in these loans, PeerStreet investors allow homebuyers take out a loan without having contingencies on their purchase.
“We’re very excited to offer this new loan investment to our investors,” PeerStreet Chief Real Estate Officer John Devereux said. “We’re committed to progressing innovation in real estate, and when we see innovations happening in other areas – such as homebuying – we think about how to potentially bring the benefits to our users, at the same time as contributing to the improvement of the industry as a whole.”
“Our goal has always been to level the playing field between Wall Street and Main Street when it comes to real estate investing,” PeerStreet COO Brett Crosby said. “So we want to bring as much variety and diversification to our investors as we can and help them invest in real estate backed loans effortlessly - Cash Offer Loans is our newest addition to this end.”