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Posted almost 10 years ago

Our Crowdfunding Network Is Growing Part 25

I signed the engagement letter with the new securities attorney a few days ago. We should get going on some test the waters documentation for both our site and Fundrise in the coming week, which is very exciting. Our new website has pulled two new investors in two days and I replaced all of my BiggerPockets and much of my other social media presence with this new information.

It has been a good week on Fundrise thus far. We've pulled 9 new investors in 6 days for an increase of 7% on our current total. The capital committed from these investors is up to $8.71M now. It will be interesting to try to figure out how to track what people can invest on our new site and whether or not people will volunteer this information. We can worry about that later on as we're fine-tuning things more. There are still several things to integrate like the Crowdbouncer API, CRM, etc. We'll be working on that over the coming few months before we start our PR campaign in earnest.

I set up a call with Groundbreaker next week to discuss using their back-end for our site. We have several closings next week (4 in 3 days) prior to my trip to the Board meeting and symposium so things will probably be on hold for a stretch. We have covered a lot of ground in the last few months.

Several BP members have reached out to me and I am glad I was able to point some of them in the right direction so they could avoid calling every securities attorney prominent in the space and all of the portals. That is a lot of work and hopefully others have benefited from all the diligence I went through to select the right folks to work with.

Our 2nd deal on iFunding is in flux because we had a restrictive covenant come up in our title commitment that is causing us to shift gears on the strategy some. Our new plan is to try to buy the whole block and/or get 75% of the platted lots to sign off on revising the covenant. That will be a good task when we come back from the Board meeting the week after next.

More to come soon.


Comments (1)

  1. WOW! Bryan, you are truly out BLAZING the trails for the rest of us. You are so thorough in your research, and the information you provide. All of this will be invaluable to so many others, it's incredible. Thanks for sharing, and as always I look forward to reading of your experiences, and learning from you.