Give it a try - and quick!William McKnight, 3M
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Ideas
Investment Real Estate - Think Commercial Banking meets Prosper
- Submitted by: Dweezel
- Created: Mar 20, 2007, 8:20 pm
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The Idea
EDIT: 8/25/2007
The site is now live.
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I have spent two years in a small commercial bank catering to local customers. Most of our clients are involved in real estate ranging from straight rental properties, rehabilitation projects, and ground up construction. The problem with banks is that they dwell on why a project will not work instead of why it will.
My idea is to come up with a marketplace where customers can submit their proposals, budget for the project, income statements / balance sheets, tax returns and personal financial statements of the borrower, and other pertinent information; then put the project out to bid. My thought is that a risk rating can be developed from this data.
The bidders on the projects can be individuals or financial institutions and would work similar to Prosper. Revenue can be generated by advertising as well as charging a fee to the financial institutions for using the service.
The Logo
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I thought of this idea when I was...
I thought of this idea when I was viewing Prosper and realized that I could apply a similar concept to my line of work.
Comments Posted
I like it, security/privacy would have to be a consideration considering the amount of sensitive data you are collecting about people but that's OK.
I assume you would you have it so that, lets say, there was a project that needed $100,000 that 4 different people that previously don't know each other could club together and part fund the project putting in $25,000 each for example.
With situations like this I guess there would have to be some legal issues addressed, would that be part of the service aswell or some kind of strategic alliance with lawyers maybe?
Yes, security and privacy are exceptionally important. I am under the assumption that the same rules for divulging customer information would apply in this case.
For the legal aspect, in banking there is a lot of documentation that needs to be completed between a borrower and a lender. For the more basic deals; which consist solely of purchasing a property, the documentation can be created with software such as LaserPro. The in depth deals have documents prepared by lawyers and that cost is usually transferred on to the customer. I have thought of the logistics of including legal fees into the service, but need to do more research on that.
Dweezel
I like your idea - & it doesn't have to be confned to raising investment for property; It could be a business plan exchange too.
Not sure how you deal with Intellectual property protection issues - but all food for thought..
Check out Zopa - same kind of thing as Prosper
Chris
didnt almost the same idea win IdeaWarz?
Is it something like Zopa?
Anyway, it's a great idea.
Thank you all for your feedback. Over the past few months I have been working on my content at http://bootstrapeconomist.org/.
I made a short video discussing the concept on Viddler (http://www.viddler.c.../dweezel/videos/25/)
EDIT: Additional character on video link
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