Our Crowdfunding Network Is Growing Part 18

I finally was introduced to Bjorn from Fundrise via email and we have been trading emails to clarify their business model and agreements. Their model is quite different from iFunding's model. They are simply a SAAS provider for a fee and are partnered with GCS, a registered broker-dealer, to take fees based on successful placement of investors. What is strange is that they only charge 0.5% for investors specified when the agreements are signed and they charge 3% for investors thereafter. This would seem to encourage promoters to leave their profile on the site for as long as possible and do a test-the-waters campaign after they have sufficient saturation from their existing network.

Our iFunding deal on 1122 Linden is at 66.3% funded right now. We have several calls with investors tomorrow and will hopefully get it funded in the next week or so. It is taking a bit longer than I wanted, but the process is new and we're new to many of the investors so it makes sense it will take longer than wanted.

Our meeting with the PR firm and website designer went well yesterday. We're hoping to roll the new Inner 10 Capital site out in early April. I will also be setting up a formal development company for Inner 10 Development to limit risk and will be working on test-the-waters materials to share on Fundrise, our website, and BiggerPockets. From there we can select the proper exemptions for the Inner 10 Capital fund we set up along with a new company for that purpose.

iFunding, Fundrise, GroundBreaker, and Forefund capital are still the portals in the running and we're still considering starting out own portal. The first two portals are by far the best for new development deals thus far, but the other two potentially have a lot of value too. The space is still very young and time will tell which services win out over time. There are several other reputable providers that won't fund development deals too.

More to come after the Fundrise meeting. I am hoping we'll be galloping with all of this heading into next week. It is taking a while, but relative to how long we'll have investor relationships it is a trivial amount of time.