On April 20th, wealthtech platform Groundfloor announced its expansion to California while unveiling new individual loan limits. Real estate investors in the state will now be able to finance acquisitions, renovations, and the construction of new as well as accessory dwelling units (ADUs) with the help of Groundfloor’s competitive loans. The firm has also increased individual loan limits to $1.5 million. Following the announcement, Groundfloor’s award-winning lending products are now available in 32 states.
California is the nation's largest real estate investment lending market and we're excited to enter it. This expansion and our new loan limit are direct benefits of the continuing growth we're seeing in the scale of our retail investor base, investment activity per investor, and average assets under management."
Brian Dally, Groundfloor co-founder and CEO
The expansion follows Groundfloor securing $118 million in funding for the platform. It also announced a joint venture in Jacksonville after pledging $50 million to support the residential housing boom in the city. Groundfloor aims to continue its expansion spree by covering new markets, rolling out mobile apps, and creating more lending and private investment opportunities for investors.