Peer & Social Lending - A Year in Review

wisconsinwinterAs we approach the end of 2013, I want to say thanks to all of our readers. We are happy that we are able to provide content that others find valuable.  The site has been around since May, 2013 and even though that seems like a short amount of time, I feel like we have been able to accomplish a lot and hope bigger things are in store for peer to peer lending and the site in 2014.

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GroundFloor Announces Pilot Project Details

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.

Entering Lending Club’s Grace Period

A few days ago I had my first Lending Club note hit the “Grace Period” which is a term I’m not familiar with. After doing some research it became clear that the automatic withdrawal from the borrower’s account had failed and therefore I had not received my P&I payment. I continued to watch this note for the next few days patiently waiting until today when the payment was made and I received my money. [Read more...]