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3min chapter
Beware of Platform Risk - How PeerStreet, a Real Estate Crowdfunding Firm, Went Bankrupt
Money For the Rest of Us
Pier Street and the Bankruptcy Risk
Pier Street loans are mortgage-dependent promissory notes that in the case of bankruptcy, holders would be unsecured creditors. One house in Ventura, California burnt down due to wildfires. Since then, I've been much more cognizant of this platform risk and there are ways that it's mitigated.
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