Pertuity Direct Shuts Down Unexpectedly
Prosper Lending Review broke the news this morning that Pertuity Direct seems to have ceased operations. Apparently a special meeting of the board of trustees of the National Retail Fund (the mutual fund that underlies Pertuity Direct’s investment vehicle) was convened “to approve the liquidation and distribution of all shares of the fund”.
As Prosper Lending Review points out, Pertuity Direct has not issued a press release since March (when they announced that they had funded $500,000 in loans), and hasn’t made a blog post since May. P2P Lending News contacted Pertuity Direct requesting an interview in early July, and received no response.
This apparent shutdown comes with no forewarning to Pertuity Direct members. The web site is still active and seems functional, although no new borrower stories have been posted since May 12. Users can still register, but borrowers attempting to sign up from any state (including Pertuity’s home state of Pennsylvania) are told “We currently do not offer loans in your state”.
Investors hoping to sign up through the National Retail Fund’s web site are also roadblocked with the following message:
We’ve reached out to Pertuity Direct for comment on these reports, and will add an update when more information exists.
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