It now appears that CommunityLend is very close to launch. They just opened a newly designed website today. In an email from CommunityLend they announced that their "new look is "based on [their] launch design" and they "are now getting close to launching [their] service."
In addition, they are looking for people interested in setting up a borrower community on CommunityLend. From their email announcement:
"Finally, we would like to request that anyone who is interested in setting up a borrower community on CommunityLend contact Dave Coleman, our Community Advocate. Communities can be a great way to connect with people who share similar interests and help each other out financially. Examples are ethnic groups, interest groups, or even industry groups that want to use CommunityLend as a way to help finance their clients; the list goes on."