What are the lending parameters for Groundfloor borrowers?
Last Updated: Dec 22, 2017 03:19PM EST
Our current criteria favor loan amounts of at least $75,000 and no more than $2,000,000. However, projects requiring a loan outside of the aforementioned amounts are not automatically ruled out.
The most popular repayment option for our borrowers is a balloon payment, which means that no payments are due until the maturity of the loan. Upon maturity, the principal balance, interest, and any applicable fees will be due in full.
We also offer a monthly payment option for our borrowers. Monthly payments are interest only calculated on an annualized basis on the entire principal balance. The principal investment and remaining interest amount will be due at the maturity of the loan.
Please note that our borrowers do have the option to repay the loan before the maturity date with no prepayment penalty; however, a minimum three month interest payment is required if the loan is repaid within 90 days of closing.
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