Ejiro Ajueyitsi, the founder of the Brooklyn Funding Group. (Photo courtesy of Ejiro Ajueyitsi)
Additionally, the Brooklyn Funding Group has given out loans on dilapidated properties, something that Ajueyitsi says banks do in a limited capacity.
A decade later, he tried to get a loan from several banks for distressed properties he was interested in, but was denied. However, one of his clients, a Black woman who owned a pharmacy, told him about the world of private lending.
After doing several deals on his own, he realized the people who were making these deals weren’t Black, so he began brokering deals himself for people who fixed and flipped houses.
“We’ve had people who walk into our office or find out about me and say, ‘I’m coming to you because I know you’re going to listen to me instead of just looking at paperwork and saying you don’t qualify,’” Ajueyitsi tells BE. “And it’s not that they don’t qualify, they just don’t know. I’m willing to listen to them and say I know exactly what you mean and then I find out they are not beginners, they have more experience.”
“I want to be able to do that for others, that’s my goal within the next 18 months,” Ajueyitsi says. “I love the versatility in my journey, I feel like it made me a well-rounded person to speak to many different people, I feel like I can do anything now.”
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Source: Black Enterprise