Today, we are pleased to announce an important first, along with our newest loan going live for funding. John Mangham's single family home renovation on Tift Avenue in Atlanta, the first loan ever funded on GROUNDFLOOR, is now also the first to be repaid. It is a historic single family home, purchased in foreclosure and located in historic Adair Park, a Beltline community in Atlanta, Georgia. The home has 3 bedrooms and 2 bathrooms. The investment was secured by the property and there were no debtholders in front of GROUNDFLOOR investors - meaning that our community was paid first.
- The home was a renovation, purchased in foreclosure
- The loan size funded by our community was $40,000
- 39 investors contributed to the 6-month, 8% APR loan
- The home sold for $159,900
- The loan was repaid with interest earned after 167 days
The new loan going live for funding today, Adele Avenue, is John's third to be offered to our community. It is a 9% APR, 6 month loan, secured by the property. Please visit the deal page to get in on it. If you're being repaid on Tift, we've made it easy to reinvest and continue backing John (and at a higher rate on the new project). If you're new to peer-to-peer real estate micro-lending, this is a great time to start. With the success of Tift Avenue we have a feeling that this one is going to go fast! On this deal there is no pledge period -- it is moving directly into the funding stage.
Were you an investor on Tift? Tell us about your experience in the comments below.
Tift before renovations
Tift after renovations