Peer to peer lending has grown rapidly since Prosper and Lending Club opened their doors in 2006 and 2007, respectively. Prosper has closed over $400 million in loans to date and Lending Club just passed the $1.6 billion mark. Both of these companies provide a similar offering – the ability to invest in unsecured debt, most often for credit card consolidation. While neither of these companies are currently in the market for secured debt, the newest entrant to the P2P space, Realty Mogul, does only secured debt. All of the loans available by Realty Mogul are secured, in first position, by residential real estate.