Real Estate Crowdfunding

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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
7
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19
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Groundfloor finance company

Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
Posted Jul 26 2019, 15:43

Dear fellow real estate Developers/Investors.....

Has anyone borrowed from GroundFloor finance? If so, any contact information for the loan officers there and their lending practices? Credit? Bank statements? Experience? How fast do they close?  

Thanks much for any feedback!!!!

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Steve Powers
  • Developer
  • Atlanta, GA
27
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Steve Powers
  • Developer
  • Atlanta, GA
Replied Jul 26 2019, 23:27

Last time I looked, no tax returns required, 650 plus Fico, $250 application fee, appraisal will be ordered, most all closing costs can be financed into loan. GF is the only lender I've found with a true deferred 12 month balloon program with no monthly pmts required. All loans are commercial loans so you will need an LLC to be the borrowing entity. Search and you will find several GF borrower experiences posted on BP.

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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
7
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19
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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
Replied Jul 27 2019, 09:44

@steve powers,   thanks much for the info. I will do as such.  I'm down in Atlanta just about every other week looking at opportunities.  Perhaps we can connect during one of  my trips. 

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Rick Baggenstoss
  • Developer
  • Decatur, GA
976
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Rick Baggenstoss
  • Developer
  • Decatur, GA
Replied Aug 2 2019, 06:38

@Orlando Patrick  Groundfloor seems easy to qualify, but inevitably they change the interest rate and they have a lot of junk fees, eg. payoff requests come slowly, then they charge for a second one!   From my experience, they are also error prone and inflexible.  I've used them twice, two different products, and I can't stand them.  

Developer

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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
7
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19
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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
Replied Aug 3 2019, 15:45

@Rick Baggenstoss thanks much for your honest feedback.  Hope all is well on your end. 

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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
7
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19
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Orlando Patrick
  • Rental Property Investor
  • Chicago, IL
Replied Aug 3 2019, 15:47

@James Mcgowan well said.   Im down in Atlanta just about every week or every other week.  Perhaps we can catch up for lunch soon to discuss opportunities.   I will inbox you my info now.   Again thanks for your time. 

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Rick Baggenstoss
  • Developer
  • Decatur, GA
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Rick Baggenstoss
  • Developer
  • Decatur, GA
Replied Aug 4 2019, 08:50

@Orlando Patrick  You should continue to look for back door references for GroundFloor.   If you are experienced and have a good deal, there are lots of financing options available to you with less risk, expense, and hassle.

Another experience investor has some experience with GF.  I believe it was similar to mine in some ways.

@James Mcgowan  What's your role at GF?  Do you work for Rich?  

Developer

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Nate Marshall
  • Financial Advisor
  • Evergreen, CO
232
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458
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Nate Marshall
  • Financial Advisor
  • Evergreen, CO
Replied Aug 5 2019, 09:56

One of the better lenders I work with. My contact is a business development rep not a loan officer. I have a login as a broker so that's how I submit my client's deal.