Loan #14 of our #17loans17days blog retrospective introduces a new borrower, Dee Giarratano, who has nearly 2 decades of experience building and remodeling homes in metro Atlanta.
Dee was referred to us and has since become one of our biggest advocates referring other builders and borrowers to us. He found GROUNDFLOOR when he was pulling together financing for one of his teardown and rebuild properties in historic Kirkwood.
Atlanta’s historic Kirkwood neighborhood was added to the National Register of Historic Places in 2009 after a successful nomination by neighborhood residents, business owners, the state’s historic preservation office, and the Georgia State Heritage Preservation program. The neighborhood has a long history of residential development. As early as the 1870s it had a reputation as the streetcar suburb of Atlanta and was even described in an early tour book as an “area of beautiful suburban villas”. Even today, it’s often described as “the small town in the big city” boasting 5 of Atlanta’s city parks, its very own post office and fire station.
After he applied online and then documented his plans for 51 Warren Street NE, it wasn’t long before we took the loan live. 104 lenders fully funded the $50,000 12 month loan at 20% on December 10th of last year. Attractive for lenders; and attractive for the community, too. Dee’s plans for 51 Warren Street NE included acquiring the property, tearing down the existing house, and rebuilding a beautiful new craftsman style 5 bedroom 4 bath home.
Financing through GROUNDFLOOR helped Dee avoid unfavorable profit sharing arrangements sometimes required by hard money lenders. The GROUNDFLOOR platform makes it possible for everyone to earn. Borrowers secure financing, complete projects, earn profit, and pay back lenders. Lenders browse projects, fund loans, get repaid, and earn interest.
Get in on the earnings. With just $10, you can become a new kind of hard money lender in real estate, powered by the scale and scope of the Internet. And when you invest $500 or more in any of our loans, we’ll add $100 to your investment for a total of $600 as part of our Cheers to 2 Years! promotion.