Peerstreet p2p platform

I am recently looking into various p2p platforms as stock market are becoming more volatile.  I came across Peerstreet.  The idea of asset backed loans is viewed as safer than uncollateralized loans as in Lendingclub.
As I look deeper, I found something suspicious.
According to their "MEMORANDUM";  The Notes will be unsecured obligations of PeerStreet.  Which means the notes investor get are actually a loan to PeerStreet.  Then, the underlying short term bridge loan's performance is past through to investor.  This note will have risk exposure to both the bridge loan and credit exposure of PeerStreet itself!  PeerStreet is not rated (I couldn't find its rating).  But I can get a very rough estimate about its financial condition.  According to its blog, it has issued 500mm loans; with an average of 75bp service fee, its revenue is 3.75mm.  It has employee of about 60; average revenue generation per person is 62500, which sounds not enough to pay annual salary in LA.
Current mortgage rate is about 4%, notes available on PeerStreet's platform have interest rate 7-8%; the credit risk compensation left for PeerStreet exposure is 3-4%.
Current US BB rated bond yield about 5.06%.  Thus PeerStreet must be rated above BB rating to be considered worth the risk to invest on its loans.
I have a feeling that fintech companies are disguised shadow banks.