We’ve said, “The banks won’t like it, but you you will!”. In today’s installment of our 17 loans 17 days blog series, we’ll show you why.
Loan #5 is a single-family development in Atlanta, GA offered by borrower Adam Ailion. Adam was referred to us by Peter Pastnernack, who you may know from A&E’s Flip This House. We became fast friends with Adam after first meeting him at a coffee shop in Buckhead.
After coffee, Ben, our VP of Customer Operations, went with Adam to walk the property at 890 Custer Avenue and learn more about the project. Though Adam was an ideal borrower - a high credit score, sufficient assets, and owner of the property outright - the banks wouldn’t lend to him because, at the time, he had owned the property for only 6 months.
But our budding community of microlenders could, would… and did. Together we loaned Adam $50,000 for 6 months at 10% to fund his renovation project. Forty-nine lenders invested over just 6 days with investments ranging from $100 to $5,000. Adam repaid their principal plus $2,600+ in interest just a few weeks before Christmas.
Read more of our conversation with borrower Adam Ailion from last year and other stories about how GROUNDFLOOR is changing the landscape of real estate finance and investing. When you’re done reading, browse our investment opportunities and help fund a loan.
When you invest $500 or more today, we’ll add $100 to your investment for a total of $600 as part of our Cheers to 2 Years! promotion. The banks won’t like this, but we know you will.