Lender · Atlanta, GA · Member since 2015 · 24 posts · 2 votes
Hi all--I'm new to the community. I work for one of the first real estate crowdfunding platforms targeting non-accredited investors as well as accredited investors. I'd love to learn about people's experience with and questions on real estate crowdfunding in the VA market.
Herndon, VA · Member since 2014 · 1k+ posts · 324 votes
11y
Crowd funding does seem like an interesting option in Virginia. It seems especially appealing in the areas near Washington DC where prices are often to high for one individual to invest without partners.
Does your company only offer investments in the GA?
Charlottesville, VA · Member since 2014 · 37 posts · 8 votes
11y
@Ben Armstrong I like the concept in general, but after spending some time reviewing the Groundfloor website, I still have many questions. For instance, as a potential lender, what happens, specifically, when a borrower is late, defaults, etc.?
On your website, I can only find the following passing reference (under Education > FAQ, all the way at the bottom), and even this only provides partial clues related to the above question:
So I'm still trying to figure out, how does Groundfloor handle late payments and borrower default, and how does this impact the lender? What percentage of Groundfloor's loans are in the first lien position? Is the lien position stated in each loan listing (after looking at a couple, I don't see it), and can a lender filter loans by lien position?
Are you planning on starting to lend in VA? If and when you do, will lenders still be restricted to GA residents only, or would it be opened to VA residents at that time?