How much do you believe in your ideas? Do you believe in your innovations so much that you would take out $10 million in loans using all of your family’s property as collateral? That’s exactly what a young David Zalik did after finding success in college. The reclusive founder of GreenSky Credit has a crazy story of gambling his entire family’s real estate fortune on a simple idea.
Where It All Began
I stumbled into David’s story on Wikipedia. I then found more information on Forbes. The native Georgian likes to stay out of the limelight and even wears tattered hats and clothing. He keeps his billion-dollar company rather secret in a hard-to-find Atlanta office where they do some of the most amazing and simple work you could imagine.
David, like his father, was a math prodigy. His high school sent him to Auburn University at the age of 14 where he began to refurbish computers. He sold these computers to other students and his company quickly took off. He even started producing software.
Rise To Financial Fame
The founder of GreenSky Credit dropped out of college because he found so much success early on. Oddly enough, he did not graduate from high school or college before amassing his fortune. He started GreenSky Credit with $10 million in loans that he procured using his family’s Atlanta properties.
GreenSky Credit essentially makes a smartphone app. The app is designed for homeowners who want home improvements. The homeowner simply uploads a picture of their driver’s license to the app in order to automatically fill out the application for a loan. After providing a Social Security number and consent for a credit check, the homeowner clicks “Apply” to get a decision in seconds.
All Profit, No Risk
GreenSky Credit takes the loan to the bank which assumes the risk. The company then gets kickbacks from the contractors and the bank. Everyone is happy while GreenSky Credit profits with no further responsibility. And founder David Zalik has stayed away from outside investors as he’s accumulated over $2.5 billion in wealth.