Blog: Scientologist Grant Cardone's Side Hustle: He's a Fundwise Capital Online Affiliate. Why? - 2019-05-12

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F0.png Scientologist Grant Cardone's Side Hustle: He's a Fundwise Capital Online Affiliate. Why? May 12, 2019, Jeffrey Augustine, Scientology Money Project

Grant Cardone has a side hustle going on with Fundwise Capital LLC of Sandy, Utah. In exchange for a cut of the action on lines of credit and loans made by Fundwise, Grant Cardone provides a landing page for Fundwise on his grantcardone.com website.

Fundwise looks for "referral partners" that 1) Are selling entrepreneurial "How to Get Rich" coaching services and have a large online presence, and 2) have social media followers who want to be entrepreneurs, who want to get rich, but need to borrow capital to invest in the things recommended by their gurus like Grant Cardone.

Why is Grant Cardone — who talks a big game — paddling around in an inflatable wading pool as an online affiliate of Fundrise Capital? We personally expect more from a guy who flies around in a Gulfstream 500. This begs an even larger question: Why does Cardone put 30% down to buy a property and then borrow the 70% balance? It makes no sense to do a Reg D offering for a 30% down payment on a property when one can just as easily do a Reg D for the entire purchase price plus the costs of improvements. Why doesn't Cardone do one $800 milllion Reg D offering to pay off his existing loans and wipe out his ~4% monthly interest expense? ~4% monthly on $640 million is a very large amount of money he could keep for Cardone Capital instead of paying it to his lenders. We have no idea why Cardone stays 70-80% leveraged on his AUM when he could take it all in house on a big Reg D offering. We see Cardone's commitment to 60-80% leverage (debt) in his recent Reg A circular: