AssetAvenue, an online lending platform for commercial real estate, announced today that it funded approximately $24.2 million in loans in the second half of 2014.
AssetAvenue focuses on bridge and transitional 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.
“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,” said David Manshoory, Co-Founder and CEO of AssetAvenue.
The company witnessed 16x growth in loan funding from Q3 to Q4, with loans in major markets across six states ranging in size from $175,000 to more than $5.6 million.
“We reviewed over $625 million in loans over the past two quarters,” said Kevin Arrabaca, Co-Founder and President of Real Estate at AssetAvenue. “We’re leveraging big data and predictive analytics, coupled with traditional underwriting methods, to efficiently vet loans across property types and geographies.”
In 2015, AssetAvenue is focusing its efforts on expanding its team and infrastructure, as well as supporting the rapid influx of additional investors, borrowers and brokers into its ecosystem.
“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,” adds Chris Ganan, Co-Founder and President of Institutional Investments at AssetAvenue. “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.”