This is a fascinating new idea. Fundrise, a group that looks for investors looking to put money into buildings in our neighborhood.
The developer (WestMill Capital Partners) is looking for funding from in and around the area for a building they want to develop. I think this is a great way for developer to avoid bank restrictions, keep renovating buildings and provide a financial and small business return to the community.
Currently the offering is oversubscribed by 95% which says a lot for this strategy of soliciting money for investment. It seems a bit labor intensive but if they can do it more often the costs will come down and procedures will be come easier. Of course there is risk in any investment and while the numbers seem good there is no guarantee that there will be a return. If you have $1000 to invest it might be worth it.