Our Crowdfunding Network Is Growing Part 56

Our Overbrook offering is subscribed; again.  This is the first crowdfunded raise on our new website.  We sure are learning a lot about the capacity of people to commit to buying something in writing and then back out.  We're going to need to implement good policies for this going forward.  The property is set to close January 30th and I have Form D filings and AML checks going right now from the broker-dealer.  

We're busy trying to form the new LLCs for Inner 10 Capital along with stock vesting schedules to keep the machine running.  We're also working on some business plans and other items that will be needed if we wish to grow seed rounds later on.  For now we're bootstrapping to avoid taking in new money when it isn't needed.  Our processes are working fairly well and we pull new investors every day to our site.  The best marketing is new deals and we plan to have a few new ones in February.  

I have a call scheduled with iFunding next Friday.  It doesn't appear we'll be able to co-syndicate deals with them because we're using 506(c) and they're still using the (b) exemption.  It may be possible to raise money for different parts of the capital stack under different exemptions.  It is more likely that we'll do larger raises with iFunding and save smaller stuff or anything they're not interested in for our portal.  As time wears on we'll probably be able to do bigger raises on our own.  JV partners are probably a good option for larger deals too.

Our debt fund formation is ongoing as well.  Once that is ready we'll be able to pre-fund deals and eliminate timing challenges of raises.  Until then we'll be getting our legs underneath us and perfecting the site technology.  The website had many deficiencies that we're working to correct prior to our 2nd raise.  They are also some site enhancements we'll implement to make things easier going forward.