Our Crowdfunding Network Is Growing

We're now 8 days into our first submission to Fundrise online. In those 8 days our network has grown to 48 investors with $3.72M to invest on the site. Once we pass 50 we can start "testing the waters" on the site to see how real interest is for our offerings in a group setting.

I've also been doing a lot of investigation about "Regulation A+," Title 3 and other crowdfunding-related topics and our securities attorney is set to comment on a lot of it tomorrow. Accredify is in active communication with our fund about how their API works and we're learning more about their screening for investors and the associated liability. I am trying to run to ground what the new rules are for non-accredited investors and each portal seems to have a different posture about this.

Today we were supposed to have a phone meeting with iFunding to get vetted to post deals on their site. That meeting had to be rescheduled to Thursday so I guess I will know more about their criteria then and how we measure up.

I did speak with a representative from Realty Mogul today about my interest in projects that are being sponsored on their site. I let the person that called know I am mostly interested in raising money and he pointed me to the sheet to fill out. Since we're mostly raising money for development projects this isn't the right portal for us, but I am trying to set up a meeting with Jillene to discuss incorporating a hard money component on the new regulation A placement we set up to cast a wider net for investors. I have meetings set up with loan servicers and one great underwriter to provide the front-end and back-end services we need for this debt piece of the fund if it materializes.

Overall I am still the most impressed with Fundrise. The other sites have less utility for investors and more overhead from what I have seen. Fundrise's interface is pretty easy to use and it already has built-in features that are very common for online networking along with integration to popular online social networking tools.

I'll write more once we are approved for testing the waters, which should hopefully be tomorrow or later this week. I plan to check out:

-Realty Shares

-RealCrowd

-Crowdstreet

-PropertyPeers

-and Crowdmason

in the coming weeks as well.