Third time’s a charm! So, it’s been said. With Loan #1 and Loan #2 behind us, we had another opportunity to get together with John Mangham. John always has a lot of projects going--sometimes funded by equity partners or hard money lenders. We were thrilled when he offered up another project at 1429 Allene Avenue to follow up his first funding success.
This one would also be for a 6-month term for $60,000. At first listing it for 10%, John later decided to raise the rate to 12% to help it fund more quickly. In the early days of microlending, it was hard to predict what rates, for what projects, would sell at what rate. Since then, we’ve introduced our grading scale, which has made all of that much easier for everyone involved.
The Allene Avenue project story is another neighborhood transformation. This project took us to Adair Park in Atlanta, GA - a lovely neighborhood just a few miles south of downtown Atlanta. Established in 1892 by Georgia Railroad Conductor George Adair, the neighborhood served the middle-class at the time. Since, it has seen incredible growth and also incredible struggle, due in part to the housing crash.
In 2001, the neighborhood was added to the National Historic Registry which helped the area preserve its early charm. Now, Adair Park is experiencing tremendous renewal thanks to urban pioneers who are fixing up the neighborhood’s existing homes and longtime and new residents alike enjoying all that it has to offer.
John Mangham is amongst those who want to make Atlanta even better than it already is. He saw the vision early on for how a new approach to housing finance could help fuel efforts like his to revitalize our neighborhoods.
The project at Allene Avenue was fully funded in just 30 days and repaid in 6 months, almost to the day. 53 lenders were paid out nearly $3,000 in interest. The benefit of lending through GROUNDFLOOR is bigger than just the balance in your bank account - it’s knowing you’re part of a community that is changing the landscape of real estate finance and investing. It’s making history.
If you live in Georgia, it’s not too late to make more history today and see the rewards in the very near future. When you invest $500 or more in any of our loans today, we’ll add $100 to your investment as part of our “Cheers to 2 Years!” celebration. It’s free money… plus interest! What are you waiting for?