Our next loan took us to Woodstock, GA - a cozy town nestled in Cherokee County near Lake Allatonna. Borrowers Troy and Gaby Yohn came to GROUNDFLOOR to finance a four-unit townhome construction project in River Park Townhomes. They learned about us on Facebook--and promptly took us up on an open invitation for those interested to join a meetup in Midtown that very night. We knew right when we met them that they would be successful raising money and executing the project. With over 12 years of real estate development and investing experience, they had made it through the market downturn of 2008. Their Facebook page (Creative Lifestyles, their company) is full of information about their philosophy, project updates and inspirational ideas. It was obvious they understood the concept of building a following on the Web to become less dependent on banks and hard money lenders.
Troy and Gaby had purchased several lots to develop. The deal on the first of them looked like this: $40,000 at 11% over 6 months, which was just a fraction of the capital they were committing themselves. In fact, they had already spent as much for the lot! By the time we toured the site, a foundation had been laid and workers were already starting to frame out the building. Our community of lenders liked the look of this one. In 24 hours, over a dozen of you had pledged to fund more than 50% of this loan. And after just over 48 hours total, 31 lenders funded it fully. Troy and Gaby were thrilled; and we were, too. And we had good news for the lenders as well.
With a six month loan, it’s never a dull moment - from the launch of the loan to the moment where it fully funds and then on to closing, projects, and repayment dates; there’s always something to generate excitement.
The 31 lenders who funded this loan saw payday six short months after investing their money. We paid out $2,200+ in interest - an average of $200 per lender. Not only are we empowering our community of lenders to build wealth; we make it possible for borrowers to build communities. Now, that’s a happy story you can take to the bank, literally.
We know it’s Saturday and the banks are closed, but we’re always open for business. View our loans and invest now so your money can start earning for you. We’re so excited, we have a special promotion ongoing - when you invest $500 or more in any of our loans, we’ll add $100 to your investment for a total of $600. That’s free money - and we’ll let you earn it up to 5 times. What are waiting for….?