Interview with EstateGuru borrower Vilis Krištopans
More than 600 loans have been financed through EstateGuru platform already, and number of entrepreneurs who are choosing this modern financial instrument – the crowd, are increasing every day. What makes us different from traditional financing institutions and what are the main reasons why to choose us over competitors?
These and other questions we discussed in a conversation with entrepreneur, owner of real estate holding company Vilis Krištopans, whose first project of EUR 165,000 got funded at the end of last year.
“The first impression is very good for a number of reasons – firstly, funding process is very quick, service providers have an understanding of the projects that they are publishing and of course, this is a service that no bank currently offers!” says Vilis.
Funding on the platform was attracted for property sales period – a convenient way to continue developing your business while selling one or more properties. The loan can be easily repaid from sales revenue or main business activities within 18 months.
Entrepreneur admits, that nothing in the real estate industry is happening without money, and one of the main reasons why buying a good property for good price often fails is the high bureaucratic processes associated with long-term bank financing. “As long as you complete the formalities at the bank, your desired property will be already sold to someone who got money faster! It is a very smart move to attract such a short-term solution, which may seem more expensive at first, but when the deal is made, you can spend time negotiating with the bank and making a cheaper long-term loan. ”
Basically all that is needed to fund a project on a crowdfunding platform is unencumbered property and business awareness! There is no room for unnecessary waiting in real estate business, so to start the development of new projects at the time of previous project sales process is one of the best moves in raising your competitiveness.
Watch full video interview with Vilis Krištopans here:
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