GROUNDFLOOR LAUNCHES NEW LOAN COMPANY IN JACKSONVILLE AND COMMITS $50 MILLION TO LOCAL FLIPPERS AND INDEPENDENT PROPERTY DEVELOPERS
JACKSONVILLE, Florida., January 24, 2022 /PRNewswire/ — Ground floor, Wealthtech’s platform that empowers everyone to build wealth through real estate, today announces the launch of a new local lending company specifically focused on Jacksonville. To mark the occasion, Groundfloor is committed $50 million in dedicated funding for from Jacksonville home flippers and independent property developers until the end of the year. The objective of the commitment is to stimulate from Jacksonville residential housing boom, while allowing investors across the country to take an interest in the rapidly growing market.
“Market data shows that Jacksonville metropolitan area needs more residential housing, especially as its population and job prospects continue to accelerate,” said Brian Dally, co-founder and CEO of Groundfloor. “We are doubling in Jacksonville. Our new lending company will leverage its market expertise and access to Groundfloor’s capital to help local property developers renovate and build more homes, on the most investor-friendly terms available. »
The new local lending company, Groundfloor Jacksonville, is a joint venture with FastHouzz Funding, which was founded by local real estate entrepreneur, Michel Grandjean. Grandjean, who is currently President of JaxREIA, is well known for his lending background and in-depth knowledge of the Jacksonville Marlet.
“With its pleasant climate, affordable cost of living and numerous job opportunities, Jacksonville offers a fantastic quality of life, and people are moving there in droves looking for single-family homes to buy or rent,” Grandjean said. “I have worked with Groundfloor myself for many years and know firsthand that their affordable pricing, attractive maximum leverage and deferred interest payment terms will help many investors increase the number and value of renovations they can do. »
Since its launch in 2013, Groundfloor has lent more than $577 million in capital to independent real estate entrepreneurs, who work to improve their communities, while building their own wealth. Some of the advantages of loans with Groundfloor include:
- Loan for up to 75% of repaired value with up to 100% of purchase, renovation and closing costs rolled into the loan
- No appraisal: we do an internal review of the value of the property
- No payments until a loan is paid off and all interest is deferred
- Loan amounts from $75,000 at $1 million
- New investors are welcome – no experience required
- 6 month terms that can be extended under certain circumstances
- Fast closings, because we move at the speed of the transaction
Property developers can apply for Groundfloor’s Loan100 program, which offers financing for up to 100% of total project costs, including purchase and renovation (i.e. up to 100% loan-to-cost ). This program allows our clients to borrow funds with a 0% down payment.
Property developers seek to cash in on Groundfloor’s $50 million funding commitment can start the process by completing an online application at www.groundfloorjax.com.
About the ground floor
Founded in 2013, Groundfloor is an award-winning wealth management technology platform that empowers everyone to build wealth through real estate. Groundfloor was the first company qualified by the United States Securities & Exchange Commission to offer direct real estate debt investments through Regulation A for non-accredited and accredited investors. Today, it remains the only product offering everyone the ability to build fully customizable real estate debt portfolios for both short-term and high-yield returns. Based at Atlanta, Groundfloor has won numerous awards for its rapid growth and innovation, including the Inc 5000 and Deloitte’s Technology Fast 500. To date, Groundfloor has raised $30 million in equity from a variety of sources, including venture capital and online public equity offerings. Since its last round of financing, the company is 30% owned by its customers.
SOURCE Groundfloor Finance Inc.