Groundfloor, a real estate lending platform that raises its loan funds via crowdfunding from the public, announced Wednesday it raised $3 million from 1,580 investors, while also doubling its annual revenue in the second quarter of 2019.

The latest capital raise builds the company’s total fundraising to $18.3 million, Groundfloor said.

It also showcases the possibility afforded by its unusual fundraising model.

Groundfloor bills itself as a “real estate crowdfunding platform that is open to non-accredited investors,” meaning that anyone is able to invest in residential real estate using the company’s platform.

It says it is the only company qualified by the Securities and Exchange Commission to offer direct real estate-based debt investments to non-accredited and accredited investors.

The company says its mission is to level the playing field in private capital markets, a goal it says it has recently met by achieving 20% ownership by individual investors, 3,160 of whom now own shares.

The Atlanta-based company then takes its crowdfunded money and lends it to residential real estate investors, specializing in lending for single-family or small multifamily home rehab and renovation loans and also providing access to short-term, high-yield returns.

In Q2, Groundfloor saw its revenue increase 139% and its number of closed loans jump 160% to more than 1,000, the company said. It did $22.4 million in retail investment volume and paid $13.2 million in principal and interest to investors, who saw an average 10.54% return.

“Our customers are showing the world how open private capital markets work in very practical terms,” said Groundfloor Co-founder and CEO Brian Dally. “We’re seeing strong growth in every metric, from loan applications to the growing base of investors who want to take advantage of our high-yield, short-term investments for as little as $10. And unlike the vast majority of growth-stage startups, we’re proud that the capital fueling our growth right now is coming from our customers, not Sand Hill Road.”

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