What does Crowdify do?
Crowdify is an equity-based crowdfunding platform, which raises money from private investors to renovate or design and construct co-living properties. Properties are subsequently rented out by the room while the platform ensures that it delivers steady financial returns to its investors.
This approach naturally offers a more cost-effective budget to people starting out in life or in less well-paid jobs and also addresses the chronic shortage of affordable homes that exists in many parts of the country, with an emphasis on those who make a real difference to the communities in which they live and work. i.e. NHS staff, teachers, utility and food chain workers, transport, police and support staff.
What is shared or co-living?
Co-living housing is perhaps better known in the UK as ‘HMO’s ‘(House in Multiple Occupation), where operators rent by the room to individuals with kitchens and other amenities as communal spaces.
While co-living represents the next generation of renting it is not a new concept but the market has evolved. Read more here.
What fees do Crowdify charge investors?
Crowdify’s fees are applied in two ways;
- A platform crowdfunding fee capped at 5%, based on the overall project cost which is deducted once the legal process has been completed. This fee also covers the cost associated with payment processing, escrow services and anti-money laundering checks.
- An annual SPV management fee, equivalent to 0.5% of the overall project costs, to monitor and administer the investment on behalf of the investors.
Why do I need to provide ID documents?
In order to become a member of Crowdify’s investor community, participants must meet current FCA guidelines by completing a short sign-up and onboarding procedure.
Part of the process will involve uploading either a copy of your Passport or Driving Licence and a copy of a recent utility bill (as a pdf, jpg or png file).
What is an SPV?
A Special Purpose Vehicle (SPV) is a UK-incorporated Limited Company and is formed for the sole purpose of holding the underlying crowdfunded property asset.
What is Crowdify's complaints procedure?
Clients may report complaints the following way;
Clients must provide;
- Full Name
- Nature of the complaint
To resolve the complaint, Crowdify will;
- Log issue on our Customer Management System
- Advise what will happen next
- Treat the complaint fairly
- Aim to resolve the complaint within 5 working days
- Provide regular updates until the complaint has been resolved
Once Crowdify has dealt with the issue, the company will review the complaint internally, to see what lessons can be learnt.
Clients who are unhappy with the response provided, will be requested to provide further information for consideration. Any client may also contact the Financial Ombudsman Service (FOS) to carry out an independent review of the complaint.