Groundfloor
  • groundfloor

Groundfloor provides a crowd funding platform for real estate transactions, taking banks out of the picture and putting the investment opportunity in the hands of the people.   The team is comprised of Co-founders Brian Dally and Nick Bhargava, Ben Armstrong, VP Customer Operations, and Chris Schmitt, VP Software.

 

Groundfloor began in 2012, after Brian and Nick were introduced by John Austin, Director of Groundwork Labs.  Brian had finished working at Republic Wireless and was becoming increasingly interested in doing something in the home mortgage market. Nick had done much work in regulatory law and financial innovation work, including his first startup, Motavi, one of the first crowdfunding platforms. Initially wanting to focus on the home mortgage market, they realized that the problems there was too big to address and instead began to shift focus toward banks.  Recognizing the abundance of cracks in the financial services industry and seeing large groups of customers not being adequately served, Nick and Brian saw an opportunity to help. The idea was to disintermediate banks, removing them from the financial process of real estate. Real estate developers came to mind as a group who could benefit from a new model, and the idea was born.

 

Groundfloor has three projects live right now — all in Georgia.  Because the regulatory and financial laws are more favorable in Georgia, they’ve been able to experiment effectively and efficiently there.  Their plan for 2014 is to expand this model to other states, including North Carolina.

This team is located in the Underground @Raleigh.  They’ve been a huge assets to the community of the Underground, and we’re proud of the work these guys are doing. Keep up the good work guys! Read more about Groundfloor here, and check out their website.