Real Estate Investors Funding Association (REIFA), a Texas nonprofit, recently launched a crowdfunding campaign on Indiegogo to raise $150,000 for its real estate startup application, “FundingFinder.”
FundingFinder is described as a web-based application works by matching real estate deals with the right lenders. REIFA states that the application has the “largest and fastest growing” directory of private and alternative funding providers for all real estate investors.
“In association with NationalREIA, FundingFinder not only provides you with a huge database of investors and lenders, but it provides you community. Your application comes with a membership to our association, an association that complements the application by creating opportunities for face-to-face meet-ups.”
It was also noted that the REI FundingFinder has 25 matching criteria for users to choose from. Some of the current criteria are personal, including credit score, criminal background check, and number of deals done. Others are financially oriented, such as LTV, purchase price, amount of downpayment, and term of the requested loan.
Here’s how the process works:
- Enter your deal information: location, LTV, desired loan type/terms, etc.
- FundingFinder gives you (the borrower) the best matches using yours and the lenders criteria.
- Get the deal done! (the company puts you in direct contact with lenders and you pick and choose from those best matches, unlike other sites where the lenders are in control)
- Enter your lending criteria information chosen from the list of 25 that are important to you.
- FundingFinder stores that information and then applies your lending criteria against all funding requests made by borrowers. Any borrower whose request for funding matches your lending criteria is then considered a “match” and the borrower is made aware of you and the match.
- Borrowers you are matched with will see who they are matched with and can send their request for funding directly and electronically to 1, 2 or all 3 matched lenders at once.
REIFA is currently offering the application to all attendees at next month’s #REIFACON, which will be held in Los Angeles. The event will hosts experts who will provide strategies and insights on everything from evaluating and packaging a deal, to finding the right lender, to keeping up with regulations, etc.
The FundingFinder campaign is set to close mid-April.
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