JACKSONVILLE, Fla., Jan. 24, 2022 /PRNewswire/ -- Groundfloor, the wealthtech platform that allows everyone to build wealth through real estate, is today announcing the launch of a new, local lending company focused specifically on Jacksonville. To mark the occasion, Groundfloor is pledging $50 million in dedicated financing for Jacksonville's home flippers and independent real estate developers through the end of the year. The goal of the pledge is to spur Jacksonville's residential housing boom, while allowing investors across the nation to earn interest in the market's rapid growth.
"Market data shows that the Jacksonville metro 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're doubling down in Jacksonville. Our new lending company will leverage its market expertise and access to Groundfloor's capital to help local real estate 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 a local real estate entrepreneur, Mike Grandjean. Grandjean, who currently serves as president of JaxREIA, is well known for his lending track record and extensive knowledge of the Jacksonville market.
"With its great climate, affordable cost of living, and strong job opportunities, Jacksonville provides a fantastic quality of life, and people are moving here in droves in search of single-family homes to purchase or rent," said Grandjean. "I've worked with Groundfloor myself for many years and know firsthand that their affordable rates, attractive max leverage, and deferred interest payment terms will help many investors scale the number and value of renovations they can do."
Since its launch in 2013, Groundfloor has loaned more than $577 million in capital to independent real estate entrepreneurs, who are working to improve their communities, while building their own wealth. Some of the advantages to lending with Groundfloor include:
- Up to 75% loan to after repair value with up to 100% of purchase, renovation and closing costs rolled into the loan
- No appraisal: we complete an internal review of the property value
- No payments until a loan repays and all interest is deferred
- Loan sizes from $75,000 to $1M
- New investors are welcome – no experience required
- 6 month terms that may be extended in some circumstances
- Quick closings, as we move at the speed of the transaction
Real estate developers may apply for Groundfloor's Loan100 program, which provides financing for up to 100 percent of total project costs, including purchase and renovation (i.e. up to 100 percent Loan-to-Cost). This program allows our clients to borrow funds with 0 percent down.
Real estate developers looking to take advantage of Groundfloor's $50 million financing pledge can start the process by completing an online application at www.groundfloorjax.com.
About Groundfloor
Founded in 2013, Groundfloor is an award-winning wealthtech platform that allows everyone to build wealth through real estate. Groundfloor was the first company qualified by the U.S. Securities & Exchange Commission to offer direct real estate debt investments via Regulation A for non-accredited and accredited investors alike. Today, it remains the only product offering everyone the ability to build fully customizable real estate debt portfolios for short-term, high-yield returns. Headquartered in 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 capital from a variety of sources, including venture capital and online public equity offerings. As of its most recent round of financing, the company is 30 percent customer-owned.
MEDIA CONTACT:
Hela Sheth
GROUNDFLOOR
hela@katalystcomms.com
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SOURCE Groundfloor Finance Inc.
