Table Funding Overview
PeerStreet’s Table Funding process is offered as an alternative to Funding into Origination (FIO) for originators who would like to have a silent capital partner through loan funding. For a table funding deal, the lender's name is listed on documents (promissory notes and on the security instrument) rather than PS Funding Inc.
Table funding is a great option for lenders who want their name on the loan documents. Additionally, it is an option for lenders who have capital sources to fund their own deals and hold them on their balance sheet.
How to qualify for Table Funding?
Any lender outside of California is eligible to table fund their own deals. Based on California law, lenders can only fund into origination (see Guide to Funding into Origination for more information).
Table funding requires wet ink original purchase documents (allonge assignment and purchase certificate) and assignments must be recorded simultaneously with security instruments. All original purchase documents must be shipped by the lender to the closing agent.
Process and Required Information
Step 1: Submit the loan to Lender Platform
Select “Table Funding” under the Note Origination field.
Step 2: Table Funding Documents
- Mortgagee on Title Commitment Schedule A - Lender Name, ISAOA/ATIMA
- Settlement Statement
- There will be 1 line item on the HUD for fees, labeled with the originator’s name
- PeerStreet’s name will not appear on the HUD
- This line item will include the fees payable to both the originator and to PeerStreet
- Originators will be required to sign a "Fee Acknowledgement" that breaks down the fee due to the originator and due to PeerStreet and ties back to the amount on the HUD. This Fee Acknowledgement will be included in the final loan document package.
Step 3: Closing
- Originators will be required to follow PeerStreet’s guidelines related to closing agent’s (see section “Closing / Escrow Agent Options” below for details)
- PeerStreet will net wire into escrow exclusive of the fees payable to PeerStreet
- Escrow instructions will include a breakdown of fees bridging the Originator line item on the HUD to the fees due to both the originator and PeerStreet as well as the net wire PeerStreet will send to escrow (see example below)
- Given the borrower does not review the escrow instructions, the borrower will not see any documentation with PeerStreet’s name on it
Closing / Escrow Management Options
Step 4: Post-Closing
For Table Funding loans, you have to collect the wet ink original purchase documents, including the recorded assignments. These documents should be sent to Deutsche Bank.
For more information on where to send your documents, view this Help Center article.