Loans for Fix & Flip

7 Replies

Has anyone had any success with GROUNDFLOOR  crowdfunding ? Only because I submitted a application and they are asking for a application fee up front.

@Joe Rottura , do you mind sharing how much the fee is?  Have you considered other platforms that do a lot of fix-and-flip loans (Patch of Land, PeerStreet)?

The fee is $250.00, Patch of Land asked for a lot of information almost like a bank loan,and I did not try PeerStreet.

@Joe Rottura , GROUNDFLOOR allows non-accredited investors to participate, whereas Patch of Land and PeerStreet are limited to accredited investors.  GROUNDFLOOR only accepts investors from certain states that allow intrastate crowdfunding, though.  I've never heard anything bad about GROUNDFLOOR, it just doesn't seem to get as much media attention as the other two.

Thanks Ashely I did not know now it makes cents, I appreciate the information. 

Hi @Joe Rottura , are you moving forward with your application with Groundfloor? If so, I'm interested in what your experience with them is like. I'm considering trying them for a fix & flip deal.

Hi Nicole, we are now on hold waiting for the owner clearing up some title issues. As soon as it is completed I will follow through with the loan process with GroundFloor and will definitely inform everyone. 

Joe, 

I'm a PeerStreet funder and they do not make loans direct to developers. They buy loans from HMLs or from Private Equity with the exception of Knock out of Atlanta. Knock is a large buyer, rehabber and seller of properties with national aspirations started by 2 founding members of Trulia and backed with $35 million of VC.

I am a charter funder with Groundfloor funding over 65 loans and have submitted 4 deals to them a while back for funding. Though I ultimately decided to go elsewhere for funding, perhaps I can answer a few questions. 

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