Fundrise, the commercial real estate crowdfunding company, is getting into the single-family flipping business.
The company plans to hand out up to $10 million a month in funding to real estate investors for purchases, renovations and rehabs of single-family homes, it announced in a news release on Tuesday. Eligible developers have to show “a proven record of successful purchases and rehabs” in the markets they are buying in to be eligible for funding. Fundrise is looking to finance projects in the country’s top-10 to top-15 biggest real estate markets.
The company launched in 2012 as a platform that allows people to invest in large real estate projects. The model’s been successful enough that Fundrise raised $38 million in its most recent round of funding. That money will jumpstart the single-family funding project, according to the company’s CEO, Ben Miller.
“Our successful Series A funding has allowed us to create a new product line dedicated to funding high-quality single-family home projects,” he said in the release. “We believe that by pre-funding these deals, we can compete with traditional hard money sources while providing more flexible capital via the crowd.”
UrbanTurf talked to Miller about Fundrise’s own capital-raising strategy earlier this year. The company is best known locally for its investments in commercial real estate and a handful of multifamily projects around the District. A Shaw property that Fundrise opened up to investment earlier this year raised more than $100,000 via the platform in just two hours.
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This article originally published at http://dc.urbanturf.com/articles/blog/fundrise_to_start_financing_single-family_fix_flips/9314
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