During our limited release you funded 48 loans totaling more than $2 million. On August 31st, we received qualification from the Securities and Exchange Commission (SEC) to expand investment to residents of eight more states. Additionally, we can now service loans for borrowers in any state such as 7415 Raton Street, our first loan outside of Georgia.
The SEC qualification was a catalyst for a record month of investment, selling through almost every loan. So, you’ve asked “How do you source more loans and when will they be available?”
Our Borrower Services Team works with a network of real estate investors, developers, strategic partners, and advisors to meet residential real estate developers looking to raise capital for projects. We are expanding our partnerships coast-to-coast through conferences, trade shows, events, industry networks and groups. However, the best source has been previous borrowers. We have seen more than two out of three return and submit additional projects.
When we receive an application we review and grade the loan using our proprietary loan grading algorithm and further vet with our Loan Committee. The loan then receives a grade, A through G, with a corresponding interest rate of 5-26% allowing you to choose your own reward.
Current regulation requires that we submit loans to the SEC for review. We do this through a batch process and make the loans available to you for investment upon SEC approval. We notify you via email when new loans are available and you can always visit our site to see what is currently funding.
Still have questions about how we source new loans or meet new borrowers? Post your question in the comments section below or send us an email at support@groundfloor.us.