GroundfloorReviews of groundfloor.com

RUN AWAY FROM THIS LENDER! They are liars and predatory lenders. I had completed 3 successful projects with them and was working on a 4th. I reached out inquiring on expanding my scope of work and refinancing my deal. They said they would be glad to do it but wanted an additional $120,000 from me. I told them that was ridiculous and I would continue with my original project. They then refused to issue my draw request for work that was already completed, tried to force me to refinance, when I refused they chose to ignore me for a month whilst daily interest continued to accrue. They are scammers. Do not trust them!

What a crap platform. They don’t properly vet their borrowers, and the lenders (you) end up on the hook. The “reasons” for not getting your money back vary, but they are all along the lines of, “My dog ate my homework.” Here are some examples on deals where I've been waiting on getting my money back, some as much as three years old. "This asset is REO and listed for sale. A price improvement will be processed this week. One offer received to date but it was too low." "Borrower had documents to execute DIL paperwork. claims he doesn't have the funds to complete them all together. Working on solutions. " Every week, it's some sort of nonsense. The bottom line: It doesn't seem like they really vet their borrowers the way they imply.

Risk ratings don't make any sense. Limited information and communication on status of investments. Loans go into default/extension with no effort to foreclose.

This is my second review of Groundfloor and the song remains the same. What started out as a 12 month loan with an expected ROI of 10% turned into a 15.35 month loan with an ROI of 1.9%. I guess that might be slightly better than I could have done in a savings account. Be very careful before you entrust your retirement savings to this organization. All of my remaining loans through Groundfloor are either in default or in what they call work out mode which means they are not being paid as agreed to by the person who got the loan.

I invested with a play money of $1,000 just to test the water, starting late July 2021. Their platform allocated the funds to 33 Notes each of them worth $30. I tried to put the funds in most conservative options to mitigate the risk. Fast forward after approximately two years, I've got only $950.44 which includes the Principal plus interests of 30 Notes. I'm currently sitting on 3 Default Notes (worth total nominal value of $90) with no certain time frame to recover my funds. Given the high inflation rates in past two years, I've not even been able to restore my original $1K and underwater more than algebraic sum of -$49.56. I think they need to revise their underwriting criteria before offering the loans to investors. There are certainly much stronger and more robust Crowd Funding Platform out there. On my part it was a Pilot Project with a small fund to check these folks. They certainly failed.

This company never forecloses on these properties. I'm infested in 13 loans right now all of them are in default most of them have been that way for over a year and they still haven't even attempted to foreclose. My money is just tied up and not going anywhere and my returns are drying up while I wait. Don't invest here. Find someplace else to put your money.

I’ve invested well over $500,000 on dozens and dozens of properties and in note funds since 2018. Several investments have defaulted, to which I accepted the risk. However, Groundfloor has no regard for their investors it has taken 3+ years and they still can’t even bother to provide updates. Is it too much to ask for an update? I’m sitting on $30,000+ of money owed. Why do I have to send 20 emails to get any info? Sloppy sloppy company, and I would definitely avoid investing any money you aren’t comfortably able to lose.

This company is completely dishonest and misleading. A majority of all investments I have made with them have gone to default, despite their claims of high success. I would highly recommend other alternative investments.