Two months ago, we announced GROUNFLOOR's historic qualification by the Securities & Exchange Commission. We declared that private real estate lending is going public, promising to open this lucrative private capital market for the first time. It's time to report back on what's happened since.
First, our initial batch of loans offered on September 6th didn't last very long. Daily investment volume tripled as we invited new investors to join our original base in Georgia. The six loans sold out within weeks, including 7415 Raton Street, our first loan outside of Georgia.
- A new, larger batch of loans in six states -- representing three times the volume previously available
- Expansion of our limited release -- extending invitations to participate for all who had signed up in September and October
- A sneak peek at new features, such as our redesigned project page, loan comparison tool, and our forthcoming automatic investment tool
In the week since, average daily investment volume has tripled -- again. We fully funded eight more loans, seeing as much investment in one week as in all of September. Five more loans, the largest we've ever offered, are well on their way to funding as well. In short, growth is strong.
We're not slowing down. In the coming weeks, we anticipate introducing the next batch of loans now working its way through regulatory review. Many of you have offered feedback about the product features, loans, and support you want to see from GROUNDFLOOR. We appreciate all of it as we continue to grow and improve the tools we build for you. Please keep it coming.
Things are going very well in the earliest stages of our expansion - thanks in large part to the continuing support of the borrowers and investors who we're honored to count as our customers. There is much to be proud of for everyone who is a part of GROUNDFLOOR, and also much to do to make good on the promise of what we're creating together.
Have ideas, opportunities, or critiques to share? Nick and I are always pleased to hear from you directly at email@example.com, or in the comments below.