Yesterday’s post gave a glimpse of why hundreds of early adopter microlenders love GROUNDFLOOR--and Big Finance won’t. Today in our 17 loans 17 days blog series, we travel to Rome, GA where borrower Dustin Cole completed a single-family renovation project.
Rounding out the first half-dozen projects, Dustin was the first borrower to seek out and apply to GROUNDFLOOR online. He visited our site and created a borrower account prompting Ben, our VP of Customer Operations, to meet with him over coffee.
They met at the same coffee shop we mentioned yesterday; and Ben was pretty impressed with Dustin as he came prepared with a 6 page list of transactions he had completed over the last 2 years. Dustin’s approach was unique from other borrowers in that he acquires homes that require minor repairs, mainly cosmetic, so that he can fix them and flip them quickly.
The 128 Morgan Drive project - $35,000 at 10% over 6 months - went live on June 24th of last year. You, our growing community of lenders, funded the loan fully in just 15 days!
Dustin’s unique approach translated into a quick sale of the updated property. He repaid the 49 lenders their initial investment plus interest in late October.
GROUNDFLOOR’s unique approach empowers an intrepid community of do-it-yourself microlenders and borrowers to put their capital to work in real estate like never before. Borrowers find us, apply for loans, get approved, and offer a project. Lenders browse the projects, select a project to fund, make an investment, and earn interest. It’s just that simple.
Start earning interest right away when you make an investment--even before the loan you choose fully funds. When you invest $500 or more on any of loans, we’ll add $100 to your investment for a total of $600 as part of our Cheers to 2 Years! promotion.