Loan #8 introduces a new borrower, Rock Shukoor, a real estate investing pro with more than a decade of experience in the Atlanta area.
Rock came recommended to us by one of our advisors, Russ Hiner. Ben Armstrong, our VP of Customer Operations met with Rock at his favorite coffee shop on Piedmont and was quickly interested in his system - a mix of 4 or 5 projects a month including properties that are rehabbed, wholesaled, or kept for cash flow.
Originally built in 1996, the home was almost completely destroyed by a fire last year. Rehabilitating a nearly-destroyed house is no small task. Though the team at GROUNDFLOOR questioned the project, Rock and the 63 lenders who saw value where he did clearly thought differently.
That’s finance raised to the power of us. A credit committee restricted by regulation or policy may not have seen the value in this kind of project, but our growing community of microlenders could and did. More than five dozen microlenders fully funded this 12-month, 12% loan in 18 days.
Rock continues to send us updates about the property. Just recently, he shared some photos of demolition and cleanup efforts which means construction can start and Rock can complete the project in time for spring.