House-Flippers Turn to the Crowd for Quick Cash. What Could Go Wrong?By
Marketplace lenders for real estate provide speed, flexibility
But speed and property loans may not mix — remember 2008?
Alex Sifakis never raised this much money this fast.
The house flipper from Jacksonville, Florida, crowdfunded nine deals totaling more than $9 million through RealtyShares over the last two and a half years. A July deal for $1 million took him just 12 hours.
“Generally, raising money takes so much time,’’ said Sifakis, 33. “This offers so much flexibility and time savings. It’s so much better than going to family offices, banks or Wall Street firms.’’…
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