Our Crowdfunding Network Is Growing Part 74

Our 2nd crowdfunded project (4th total) on our site is now 83% funded.  Hopefully we'll get the last 7 shares sold with the next round of email campaigns.  This project really needs to be done before we roll out a lot of what is coming.  

We have a term sheet out to our pre-funding partner candidate.  I expect we'll have this agreed to in the coming week or so and that the legal will be ready in the next few weeks.  We're reaching out to other sources of capital just in case things don't work out.  It won't hurt to have a few sources anyway.  

The pre-legal planning is pretty much done for our new debt fund.  I had a call with the securities attorney that will be writing the documents last night and it appears that a series LLC is not needed.  We'll be issuing debentures from a trust for individual projects, which will limit these syndicated notes to accredited investors.  Non-accredited investors will be able to invest in our fund.  We'll likely set the minimum investment around $20k, which will require them to have either a $200k net worth or income.  We wish to stay below 300 investors total in the fund for legal reasons related to ongoing expenses.  If the fund gets too small for our intended purpose we may just choose to do the audited financial statements anyway and grow our investor count.  This will be a good problem to have if it comes up.  

We should be launching a debt offering soon.  Stay tuned.  A lot of other re-branding and other items will be launching soon too.