GroundFloor announced the details behind their pilot 100% crowd funded real estate investment project today. They’ve chosen to base it in the city of Atlanta so that they can take “…advantage of Georgia’s innovative securities laws and the Invest Georgia Exemption.” Their goal is still to make real estate investing available to all regardless of net worth and income. Essentially they are trying to do to real estate what Lending Club and Prosper have done with traditional loans. This is a company that we’ve been watching for some time now and it’s exciting to see them finally release their first project.
The pilot project will open on November 20th, 2013 with minimum investments at the $100 level. Their goal is to raise $300,000 to fund two loans. These loans will be used to refinance, renovate, and lease a Midtown residential development. Sadly, you must be located in Georgia to invest in this project which makes it inaccessible all but the 3% of the US who live there.
If you’re interested in more information about GroundFloor or want to invest in their pilot project (must be located in Georgia) please check out their website. If you’re interested in their most recent press release (11/11/2013) you can find that online as well.