Our Crowdfunding Network Is Growing Part 11

After a few more twists and turns we finally managed to get a signed JV with iFunding today. I have found them to be overly response and delightful to work with. Their agreements are quite easy to digest in comparison to many of their competitors and they were fair in their dealings with us. Hopefully we'll have the 1122 Linden project ready to share this week. I'll blog more about this when we know more.

I'm making headway on our new fund as well, which will be branded as Inner 10 Capital and will likely be a 506(c). We engaged a PR firm and are about to hire a web designer this week after some scope items are finalized. I am still working with our preferred securities attorney on some items and she seems to be pretty busy this week because I can't get email responses from her. Hopefully we'll get movement on that this week or next.

The Fundrise folks still seem overwhelmed with work to me. Email responses take several days and I only get partial responses to questions asked. Their agreements are overly-complicated in my opinion and they are doling the information needed out in small bursts. Once I get the whole picture painted I can comment more. They are definitely targeting non-accredited investors and can do the legal indemnification and scrub via their broker-dealer. I am working through the details of that right now. One thing I still like about their site is that I get to interact directly with their investors and grow my network, which is different from many of the other sites.

I had a call with the Patch of Land folks this week. They seem to be an aggregator of capital to position themselves as a hard money lender through the crowd. The founder can "guarantee" the raise out of his own funds on hard-money-like terms and try to get you a better deal through the crowd. This is an interesting idea and I am working to get more specifics from them, which they have failed to provide thus far. It is unlikely this type of financing will work well for our intended purpose given how cash flows in our deals.

After things stabilize some I will start to speak to the other portals. iFunding has been the most impressive of the batch thus far. They're who I currently recommend for BP posters.