Last night at The Hall at Fauntleroy inside the Fauntleroy Schoolhouse, potential investors gathered to find out more about the crowdlending push intended to bring in the final half-million dollars needed for fixing up the nonprofit-owned building. As mentioned in our preview, the Fauntleroy Community Service Agency is working with Bellevue-based social-investment facilitator Semble. FCSA’s Kevin Wooley explained that the project’s only been up on the Semble website a week, and they’re already more than halfway to their goal.
Wooley told the ~30 people in attendance that most of the money would go toward the ongoing roof-renovation project, and they hope to raise it within a month in order to get the roof work finished before the rainy season. A few other jobs are included, all work that FCSA promised would be done after its purchase of the former Seattle Public Schools property four years ago. Semble reps explained at the gathering that it’s an investment, not a donation, and interest will be paid – information on the project’s Semble webpage (see it here) includes the prospectus, FCSA financials over the past three years, and the interest rate, all of which you can take into account before deciding whether to become a lender.