Groundfloor Loans: Tennessee's Best Option?

Groundfloor is a private money lender that provides real estate investment funding in as little as 7 days. The company lends in several states, including Tennessee, and offers fast and flexible loans for investors with no tax returns or bank statements required. With a focus on speed and efficiency, Groundfloor simplifies the application process, basing lending decisions on the value of collateral or the borrower's ability to repay rather than strict credit score requirements. Groundfloor also provides development-focused lending, supporting borrowers from groundbreaking to ribbon-cutting with custom draw schedules that match construction milestones.

Real estate investment funding

One of the key advantages of working with Groundfloor is speed. The company can provide real estate investment funding in as little as 7 days, whereas traditional lenders often take weeks or months. This efficiency is achieved through a simplified application process that does not require tax returns or bank statements. Instead, lending decisions are based on the value of the collateral or the borrower's ability to repay.

Groundfloor offers a range of loan options, including funding for purchase and repairs in a single loan, strategic transition funding, and development-focused lending. The company also provides custom draw schedules that align with construction milestones and renovation timelines. Additionally, Groundfloor allows borrowers to scale their investments with growth-oriented financing, unlocking better terms and faster approvals with each successful project.

The Groundfloor platform provides instant online access, enabling borrowers to manage their loans, request draws, and track progress 24/7. The company also assigns a dedicated Business Development Manager to each borrower, ensuring direct access to decision-makers who understand their deals. Groundfloor generally charges borrowers between 2.75% and 6% of the principal amount of the loan in interest and fees. There is no maximum or minimum loan amount, although loan amounts below $20,000 or above $500,000 may be less likely to be approved.

Fast and flexible loans

Groundfloor offers fast and flexible loans for real estate investors. The company provides funding for real estate investment projects in as little as 7 days, with no tax returns or bank statements required. The approval and closing processes are quick and efficient, making it a convenient option for those seeking timely financial support in the real estate domain.

One notable advantage of Groundfloor's lending services is their simplified application process. Unlike traditional lenders, who often require extensive documentation and review processes, Groundfloor, as a private money lender, offers a streamlined approach. Their lending decisions are based on the value of collateral or the borrower's ability to repay, rather than strict credit score requirements. This simplified process accelerates access to funds, making it a viable option for those seeking quick financial solutions in the competitive real estate market.

The company's lending services are currently available in several states, including Tennessee, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida. Groundfloor charges borrowers between 2% and 6% of the principal loan amount for their services, and there is no maximum or minimum limit for the loan amount, although their current criteria favour loans ranging from $20,000 to $500,000.

Groundfloor's lending process is tailored to meet the unique needs of each real estate project. They offer flexible draw schedules that align with renovation timelines, ensuring that borrowers can secure funding for both purchase and repairs in a single loan. This customisation extends to their development-focused lending, where draw schedules are designed to match construction milestones.

Additionally, Groundfloor provides strategic transition funding, enabling borrowers to secure their next property before selling their current one. This feature ensures that borrowers can capitalise on new opportunities without being hindered by timing gaps. The company's expertise in real estate investing and commitment to fostering a personalised relationship with borrowers further enhance the appeal of their fast and flexible loan offerings.

Simplified application process

Groundfloor's simplified application process is one of the benefits of working with a private money lender. Unlike traditional lenders, private lenders do not require extensive documentation and reviews, which can be time-consuming and burdensome. Instead, they base their lending decisions on the value of the collateral or the borrower's ability to repay the loan, rather than on strict credit score requirements.

The first step in the application process is to submit a loan application to Groundfloor. A Groundfloor representative will then contact you to discuss your project and terms in detail. During this stage, you will be asked to provide additional information and documentation as needed. Once this is completed, the loan moves into the processing stage, where you will submit all the required documentation to your assigned Groundfloor representative. After processing, the loan moves into the underwriting stage, where it is reviewed and assigned a grade and interest rate. Finally, the loan is cleared to close.

Throughout the application process, you will receive communications and updates about the status of your loan from the Groundfloor team. You can also reach out to your dedicated Business Development Manager at any time if you have any questions. The Operations Team at Groundfloor can typically close a loan application within 10-14 business days. However, funding for your loan may be available in as little as 5 hours or 7 days on average.

Groundfloor provides fast and flexible real estate loans for investors, with no tax returns or bank statements required. The company offers strategic transition funding, allowing you to close on your next property before selling your current one. Their development-focused lending provides support from the ground-breaking to ribbon-cutting stages, with custom draw schedules that match your construction milestones.

Funding for purchase and repairs

Groundfloor provides funding for real estate investors in Tennessee. The company offers fast and flexible loans for investors, with funding available in as little as 7 days. There is no need to provide tax returns or bank statements, and the approval and closing processes are quick.

Groundfloor's loans can be used for both purchase and repairs, with flexible draw schedules that match the renovation timeline. This means that investors can get the funding they need for their entire project in one loan, rather than having to take out multiple loans. The company has renovation expertise built-in, so they understand the unique needs and challenges of real estate investors.

The application process for a Groundfloor loan is simplified compared to traditional lenders. There is no extensive documentation or review process required. Instead, lending decisions are based on the value of the collateral or the borrower's ability to repay the loan, rather than strict credit score requirements. This allows real estate investors to access funding faster and with more flexibility.

Groundfloor charges borrowers between 2% and 6% of the principal amount of the loan for their services, and there is no maximum or minimum limit for the loan amount. However, in practice, federal and state securities laws limit the loan amount for a given project. Groundfloor's current criteria favour loan amounts of at least $20,000 and no more than $500,000.

Once a loan application is submitted, a Groundfloor representative will contact the borrower to discuss the project and terms. The loan then moves through processing, where the borrower submits any required documentation. After this, the loan goes into the underwriting stage before being cleared to close. The Operations Team at Groundfloor can typically close a loan application within 10-14 business days.

Long-term, fixed-rate loans

Groundfloor offers long-term, fixed-rate loans for investors looking for funding for their real estate projects. These loans are perfect for building a rental portfolio as they focus on cash flow rather than personal income.

Groundfloor's private money lenders can provide funding in as little as 7 days, with no tax returns or bank statements required. The application process is simplified compared to traditional lenders, and lending decisions are based on the value of the collateral or the borrower's ability to repay rather than strict credit score requirements.

Loans can be managed online, with instant access to manage your loan, request draws, and track progress 24/7. Groundfloor also offers a personalized relationship with one point of contact and direct access to decision-makers.

Groundfloor charges borrowers between 2% and 6% of the principal loan amount for their services, with closing costs ranging from $500 to $1,500. There is a three-month minimum interest requirement for prepayments within the first three months of the loan, after which there is no prepayment penalty.

Groundfloor provides loans in several states, including Tennessee, and offers a range of loan options to suit different needs and investment strategies.

Frequently asked questions