Our Crowdfunding Network Is Growing Part 57

Today we finalized all of the AML checks for our first deal on our new site.  We don't have our back end API implemented so this was a manual process and was quite painful.  We're busy working to avoid repeating that on the next deal.  

Several wires were processed today and I would hazard to guess that about half of our $195k for our first raise is sitting in escrow.  We have the balance of the week for investors to wire their funds.  We also need to do the Form D filing, which I'll be speaking with the attorney about tomorrow morning.

Based on the fees we have taken on this first deal it is clear that we can make a nice little business out of raising money online.  It isn't going to set the world on fire or anything, but it should allow us to pay a few folks to keep money raising in process at all times.  This should allow us to build our list of investors and develop relationships with them over time.  The repeat investors are what makes it easy for places like iFunding to fund new projects in less than an hour.

I had a good call with Patch of Land today too.  They're probably the closest to how we operate since they use the 506(c) exemption.  I'm speaking at a conference in Dallas this weekend so I should see Jason Fritton while I'm up there.  At the very least we may co-promote some events going forward.  

We have a ton of new initiatives coming up for our new portal.  My strong preference is still to use third party portals for raises, but this may chance over time.  We still haven't found the ideal partner for all facets of what we're trying to do so raising money on our own will give us good options going forward.