GroundfloorReviews of groundfloor.com

This company has regrettably transformed into a fraudulent operation. Approximately three years ago, they were transparent; however, they have since redesigned their website to conceal information from customers. Their legal representatives have proven incapable of resolving the issues. Surprisingly, the investments Groundfloor has made in properties are being sold without repaying Groundfloor. While individuals may choose to risk their money, I am currently experiencing a 35% loss on my investment with them.

In Groundfloor. Look for Andy Levison. I was looking for funding to develop my properties and possibly buy new houses for tear down for reconstruction. I reached out to so many lenders but were frustrated with their high level of documentation and requirements. I went online to research about lenders that are willing to bypass bureaucratic processes and approve funding for my projects. I came across Groundfloor and was introduced to Andy Levison. He is such an amazing man and most importantly was deeply committed in ensuring that that l get funded even when l had issues in pulling my credit from credit agencies he believed in me until we closed on the contract and get funded for $1.2m. That was my first transaction with Groundfloor. I also have closed a second transaction of $659,000 and about closing the 3rd transaction of $1.3m. I am really grateful to Groundfloor especially Andy Levison and his team that believes in me despite challenges. I strongly recommend Andy Levison when dealing with Groundfloor. He will never give up on you.

They don't pay out from bad investments, pay pennies on the dollar, don't respond to emails, lost a ton of money with these guys. Buyer be aware! They invest in high risk RE developers.

I haven't seen anything bad like some of these reviews, although I am not investing $100k, I am investing between $3,000 and $5,000 this year on Groundfloor. So if I can get 7%-9% returns that's good enough for me, obviously this is an investment and it might not yield high results (let's be real). I have also experienced this on Stash, Arrived and other products claiming high yields, just make sure your investments are diversified people. The customer service has been great as I've had multiple emails from the customer service team. I was also invited to a company webinar to learn more (nice touch). And lastly, I love the design, it feels very modern and I like the app.

This app is a total 100% scam. I've been trying to get my money out for 2 years! Complete scam. Do not invest or use this app!

First thing I will point out is that, when you deposit money in your account it gets invested IMMEDIATELY into loans. They don't really warn you about this but it caught me by surprise. I figured I would deposit funds into my account first and then decide how to utilize it at my own pace. I put $100,000 into the Auto Investor product and got about 10% returns in the first couple months pay back on several loans. After about a year, I noticed the paybacks stopped and upon checking, about 20% of the loans are in default. That's quite a high rate and indicates that the loans are rather poor quality. I guess since it's not Groundfloor's own money, they are potentially more willing to underwrite higher risk loans. After all, they make money originating loans and not on interest. It's been about 2 years now and I've collected about $4,000 in interest but have $20,000 stuck in bad loans... so overall net NEGATIVE $16,000 with no idea when those loans will be repaid. At this point, I rather get my money back even if I don't get paid any interest on that $20,000 that was invested. NOT RECOMMENDED.

I started investing with Groundfloor in 2021 and returns have been very underwhelming. Despite advertising that investors can get 10+ percent returns, my actual returns have been MUCH less that that - probably on the order of ~5 percent. I felt I could have done better with much less hassle simply putting the funds in a high yield money market account. As others have mentioned, way too many of their properties go into default and foreclosure (how is Groundfloor screening these borrowers?), meaning that the investor doesn't even receive all their invested capital back and to add insult - has to wait multiple YEARS in some cases beyond the projected payout date to get anything back. The cruel reality of investing in this platform is that even when you select good properties, in many cases you don't get to enjoy receiving the 10+ percent interest for the entire projected timeframe of the loan because the successful borrowers tend to finish their rehab projects and pay off the loan early - meaning as an investor you have to go and try to find another property to get a 10 percent return. Over time you your portfolio gets overweighted with dogs in default and foreclosure. In the past on multiple occasions I have tried to reach out to Groundfloor to get clarification / resolution to these issues but I have found their responses vague and unhelpful. I'm currently unwinding my positions with Groundfloor - which will probably take a couple more years :(

I made a $1000.00 investment for my spouse during a promotion. Both of our accounts were credited the $200.00 referal bonuses. It took 60 days, and the bonuses must be reinvested. That was clearly stated. I had questions, and had return calls sheduled with Eric. He called at the time requested and provided clear and thorough answers. I would suggest placing your funds in Groundfloor's flywheel program.