AssetAvenue, an online lending platform for commercial real estate, has announced that it has funded about $24.2 million in loans in the second half of 2014.
AssetAvenue focuses on bridge and traditional loans for commercial real estate projects across the country. Individual and institutional investors who are members of the online platform can select professionally vetted loans to fit their diverse investment objectives.
David Manshoory, Co-Founder and CEO of AssetAvenue, commented:
“Funding nearly $25 million of loans in the last six months is exciting because our original target for the year was $10 million. We’re thrilled by the pace of our growth and the investor demand on our platform.”
The platform has seen impressive growth of 16x growth in loan funding from Q3 to Q4, with loans in major markets across six states varying in size from $175,000 to more than $5.6 million.
Kevin Arrabaca, Co-Founder and President of Real Estate at AssetAvenue, explained:
“We reviewed over $625 million in loans over the past two quarters. We’re leveraging big data and predictive analytics, coupled with traditional underwriting methods, to efficiently vet loans across property types and geographies.”
Chris Ganan, Co-Founder and President of Institutional Investments at AssetAvenue, added:
“With the growing awareness of the peer-to-peer lending space, we’re thrilled to expand and build so we can continue to improve CRE lending. Private real estate lending is a $2.3 trillion market and we’re committed to creating a more robust technological infrastructure to help support the industry’s continued growth.”
AssetAvenue has reported that in 2015 it will focus on expanding its team and infrastructure, as well as supporting the rapid influx of additional investors, borrowers and brokers into its ecosystem.
With the Lending Club and OnDeck IPO having been completed at the end of last year. All eyes are on the fast growing platforms in the US to see who will be the first to make the move to market this year. It is rumoured that SoFi and Prosper will float this year but there has yet to be any confirmation.