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OwnUp! -an Urban Real Estate Crowdfunding Platform
OLMEC Development Company
Bomani M. Howze
OwnUp! some real estate!
OLMEC'S OwnUp! model is a real estate crowdfunding software platform that provides a lower cost on-ramp for local residents and contractors to get in on real estate projects.
Most poor or working class residents can't afford to get in on the ownership side of a project because one's full time job, lack of expertise, credit, capital often presents barriers to marginalized people. Our platform helps to aggregate contributions, manage the real estate portfolio and keep track of ownership stakes from project to project.
How It Works:
OLMEC Development Company presents the scope of work for a new construction or rehab project
Community residents join equity investors by purchasing an equity stake in the project. Example: If the total cost of the project is estimated at $100,000, a minimum of 20% or $20,000 of the ownership may be made available for residents to collectively participate. That can then be used to attract the other $80,000 to come in the form of debt that would be secured by OLMEC'S banking or investment partners
Upon completion, full leasing and repayment to any 1st position equity holders or debtors, participants of the project can begin receiving residual repayments commensurate with their initial contribution.
Nov 28 2016