Renaissance America Launches Social Lending Network for Foreclosures
Buffalo, NY, February 26, 2009 --(PR.com)-- Renaissance America officially launched a new social lending network that enables U.S. residents to lend money to buy foreclosed real estate. Starting with as little as $50, U.S. residents are able to join together to loan money to purchase distressed U.S. real estate- real estate that would otherwise go unsold in the market.
"We launched our service in the hope that our efforts will create jobs, stimulate the economy, and limit the length and depth of the recession by restarting the U.S. housing market", said Steven Brooks, founder of Renaissance America.
Using an auction style process, lenders are able to loan money for the purchase of foreclosed properties on a first-come-first-served basis. Lenders decide which foreclosures they want to lend money for and how much to lend. Once enough money has been lent to purchase a foreclosure, Renaissance purchases the property, remediates and renovates as required, then sells the property at market value. The net proceeds of the sale are invested in local not-for-profit programs that create jobs in the community where the property is located, and the amount of the original lender loan is returned to the lender where it can be withdrawn or re-invested.
"By purchasing foreclosures that would otherwise remain unsold and restoring them to market value, our service is increasing property values at a time when property values are declining", said Brooks. "In addition, we are creating jobs and spending money in the community where the property is located, by using all local contractors, and where possible, purchasing all products and services for the remediation in the local community."
Renaissance purchases and sells properties using their own private realtor network, which utilizes a dedicated realtor for all properties located in a specific city. The Renaissance Realtor Network is comprised of active realtors that pay an annual membership fee to service a specific city in the Renaissance Realtor Network. Only one realtor is assigned to any one city in the Renaissance Realtor Network, and all property sales and purchases for a city are guaranteed to be purchased and sold through the registered realtor for that city. Registered realtors receive a guaranteed real estate commission from Renaissance on the sale of Renaissance properties.
Renaissance sources distressed properties from the U.S. Department of Housing and Urban Development, from private individuals, through the RenaissanceRealtor Network, or from U.S. banks with properties in default or foreclosure.
"Our goal is $100 million of distressed U.S. real estate, which of course requires 100 million greenbacks. What we're calling 100 Million Acts of Green. Enough to stimulate the housing market and start the end of the recession."
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"We launched our service in the hope that our efforts will create jobs, stimulate the economy, and limit the length and depth of the recession by restarting the U.S. housing market", said Steven Brooks, founder of Renaissance America.
Using an auction style process, lenders are able to loan money for the purchase of foreclosed properties on a first-come-first-served basis. Lenders decide which foreclosures they want to lend money for and how much to lend. Once enough money has been lent to purchase a foreclosure, Renaissance purchases the property, remediates and renovates as required, then sells the property at market value. The net proceeds of the sale are invested in local not-for-profit programs that create jobs in the community where the property is located, and the amount of the original lender loan is returned to the lender where it can be withdrawn or re-invested.
"By purchasing foreclosures that would otherwise remain unsold and restoring them to market value, our service is increasing property values at a time when property values are declining", said Brooks. "In addition, we are creating jobs and spending money in the community where the property is located, by using all local contractors, and where possible, purchasing all products and services for the remediation in the local community."
Renaissance purchases and sells properties using their own private realtor network, which utilizes a dedicated realtor for all properties located in a specific city. The Renaissance Realtor Network is comprised of active realtors that pay an annual membership fee to service a specific city in the Renaissance Realtor Network. Only one realtor is assigned to any one city in the Renaissance Realtor Network, and all property sales and purchases for a city are guaranteed to be purchased and sold through the registered realtor for that city. Registered realtors receive a guaranteed real estate commission from Renaissance on the sale of Renaissance properties.
Renaissance sources distressed properties from the U.S. Department of Housing and Urban Development, from private individuals, through the RenaissanceRealtor Network, or from U.S. banks with properties in default or foreclosure.
"Our goal is $100 million of distressed U.S. real estate, which of course requires 100 million greenbacks. What we're calling 100 Million Acts of Green. Enough to stimulate the housing market and start the end of the recession."
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Contact
Renaissance America New York Corp
Steven Brooks
888 580-7337
www.peerification.com
Steven Brooks
888 580-7337
www.peerification.com
Contact
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