Alvarez Family Fund LLC

Open

Arizona · 6 of 6 members joined

$182,709

Your balance

$1,000Paid in

Your pledge

$1,205,879

Fund capital

5.61%

Savers earn

Pay inYour pledge is paid in; add more any time. Your code is ALV-MAYA

From your own bank, send a transfer to the fund’s account and put your code in the memo. Money with your code posts to your balance on its own.

Bank: Example Business Checking
Routing number: 000000000
Account number: …4821
Your code: ALV-MAYA
Amount: any whole number of $1,000 units; you send $275 on the 1st

$275Contribution2051-10-01
$275Contribution2051-11-01
$275Contribution2051-12-01

WithdrawUp to $170,359 on 90 days' notice

Ask here; it is paid from cash on hand after the notice period, in the order requests arrive, and interest keeps accruing until then. (Read-only in the demo.)

BorrowSecured 7.11%, unsecured 8.11% this quarter

Cars, school, a home, a business, medical bills, paying off higher-rate debt. Five fields, scored as you type, answered by the committee within 14 days. See your loans.

CompanyAlvarez Family Fund LLC is formed

The LLC the members own: filed in Arizona, EIN on file, operating agreement signed by every member, account linked.

StatementsOne per quarter, built from the ledger the night after interest is credited

Your 2051Q4 statement, printable or saved as PDF.

MembersRosa, Daniel, Maya, Ben, Sofia, Lucas

Rosa Alvarezfounder · AZJoined
Daniel Alvareztreasurer · AZJoined
Maya Alvarez (you)member · UTJoined
Ben Alvarezcommittee · UTJoined
Sofia Alvarezmember · IDJoined
Lucas Alvarezmember · AZJoined

Rulesthe IRS mid-term AFR plus 1 point, reset each quarter

Savers earn: the IRS mid-term AFR plus 1 point, reset each quarter
Secured loans cost: the saver rate plus 1.5 points, fixed for the loan
Unsecured loans cost: the saver rate plus 2.5 points, fixed for the loan
Loans are for: a vehicle, school or training, a home down payment or repairs, starting or growing a business, medical bills, paying off higher-rate debt
Largest loan: 25% of the fund; unsecured up to your own balance plus $10,000
Cash kept on hand: 20% of capital; loss reserve built to 5% of loans
While the fund is under: $50,000: a loan is at most 50% of the fund or 2x your own balance, secured or cosigned
A loan is approved when: the purpose is on the list, the payment is under 20% of take-home pay, it fits the limits, and your balance or collateral covers 50%; answer within 14 days
Late payments: 10 days grace; then $25 or 5% fee; at 60 days no new loans and rate up 2 points; at 90 days default
Rewards: rate down 0.25 points after 12 and 24 on-time payments; 0.1 points bonus for leaving interest in a full year; founding units keep it
Joining: units of $1,000, 1 to join; borrow after 6 months; 90 days notice to withdraw
Decisions: a 3-person committee; nobody votes on their own, their spouse's or a cosigned loan; rates and limits change by 75% of units

NextLoans, interest, statements and the late ladder all run on their own

Everything a member sees here is the whole fund, not just their own piece. Treasurer tools live on the Bank page.