Real estate crowdfunding platform AssetAvenue, has shared that it closed $13.28 million of deals in the last week in loan sizes ranging from $475,000 to over $5 million. The debt based funding site targets commercial real estate focusing on bridge and traditional loans such as office buildings, industrial properties, shopping centers, apartment complexes and non-owner occupied residential properties. The platform caters to both individual and institutional investors who may access “vetted” loans to fit diverse portfolio goals. The platform caters to accredited investors, sourcing loans of up to $20 million with individual investors participating for as little as $5000.
According to co-founder Chris Ganan, deals that closed last week include an acquisition and rehab loan for a class A office building in San Francisco, an acquisition and rehab loan for a multi-tenant office building in Los Angeles, a refinance loan for an apartment complex in Los Angeles, and a note purchase on a mixed-use property in Brooklyn, NY.
“We are thrilled to see the speed at which our community of borrowers, brokers and lenders are adopting our platform and model, which gives them unprecedented access to our robust and diverse investor base,” said Chris Ganan, co-founder and President of Institutional Investments at AssetAvenue. “Our investment team’s decades of successful experience make it easy for individuals to confidently break into the real estate investment market – and we are making huge strides in quickly and efficiently providing capital to an extremely underserved segment of borrowers in the real estate market.”
This past September, Los Angeles based AssetAvenue announced its seed funding round of $3 million with Matrix Partners and NetEase leading the round, and has since experienced rapid growth, funding deals in cities nationwide including New York City, NY; Austin, TX; Portland, OR; San Diego, CA; Los Angeles, CA; Chicago, IL; and San Francisco, CA.