PeerStreet opens applications for the Evolving Neighborhoods Improvement Fund
Peer Street, a leading platform for investing in real estate-backed loans, announced on Monday requests for his Evolving Neighborhood Improvement Fund (ENUF) The mentoring program is now open. According to PeerStreet, the ENUF project was launched in February 2021 and is now accepting qualified applicants to apply for seed capital and mentorship under the program. As stated previously, The program also seeks to create a sustainable way to invest in real estate entrepreneurs from underserved communities across the country.
PeerStreet revealed that ENUF is a program designed for real estate entrepreneurs from disadvantaged backgrounds who are committed to improving their communities and closing the wealth gap using the power of real estate. Ideal candidates have the talent, drive and commitment to invest in real estate, but face barriers to mentorship and capital.
“The program created by PeerStreet includes a fundraising component carried out in partnership with the Tides Foundation, a philanthropic partner and non-profit accelerator dedicated to building a world of shared prosperity and social justice.
Brew Johnson, CEO of PeerStreet, spoke about the program saying:
“We’ve all heard the saying ‘give a man a fish and he will eat for a day. Teach a man to fish and you will feed him his whole life. Instead of fishing, we focus on real estate. We want new entrepreneurs to learn the entire investment lifecycle: finding deals, analyzing numbers, choosing mixes, securing financing, working with entrepreneurs, etc. We hope they can take on real estate projects and replicate success, thus creating a cycle of wealth. for small businesses, job creation and land ownership in the communities in which they live and work.
PeerStreet recently said it hopes to equip aspiring real estate entrepreneurs with the tools and capital they need to invest in real estate projects and, in so doing, invest in their communities. Successful applicants will also receive mentorship from PeerStreet’s network of real estate experts and eligible projects will receive the necessary capital. The funds will be managed by a charity, hosted by the Tides Foundation. Edward Wang, Director of Corporate Social Impact, Tides Foundation, concluded :
“The best corporate social programs create lasting change, and the PeerStreet ENUF program is structured to do it. By ensuring that program participants receive the skills and guidance they need to be successful independently, it is far more valuable than just providing funding. We are delighted to see the graduates of this program represent a diverse group of entrepreneurs who are making a difference in the US housing market.
Founded in 2013, PeerStreet claims to be a one-of-a-kind online platform for investing in real estate debt. The platform represents a two-sided market that, on the one hand, offers hassle-free access to an asset class that was previously inaccessible to individual investors: short-term loans backed by real estate.
“On the other side of the market, PeerStreet connects an approved network of private lenders with various sources of capital to help fuel their growth and give back loans to their local communities. The company’s vision is to align the interests of this ecosystem, from lenders and investors to borrowers and the local communities they represent.