The JOBS (Jumpstart Our Business Startup) Act of 2012 allowed the peer-to-peer lending services to be created, and those needing money to buy or develop properties had more options in finding a sponsor. Previously, borrowing money from an accredited entity was not legal. To become an accredited party, one must have a net worth of $1 million (excluding his own residence), or earn at least $200,000 per year. If applying with their spouse, they must earn together at least $300,000 per year. According to Kenny Slaught, everyone is now free to participate in the debt and equity financing, while the loan’s interest turns into income. Additionally, there’s no need to use a bank for the purpose. Sponsors and property owners can now use the internet to check on their assets, see how they perform and find new investment opportunities.

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