Interview With Funded City
This week, we have an interview with FundedCity- one of our incubation teams. Funded City is a crowdfunding platform focused on London real estate (commercial and residential).
The company initially offers equity release for property developers and construction companies in the form of short fixed term loans. They had some really interesting insights for us. See the interview below:
Funded City manages and lists high-yielding residential and commercial properties for monthly returns, starting from an initial £500. We caught up with co-founder Anthony Sinclair to find out more about their proposition.
What is Funded City?
Funded City is a property crowdfunding site that enables the public to invest in short term, high yield mortgages for as little as £500. We allow property owners to release equity from their property to expand their businesses, when banks don’t allow them to do so.
How does Funded City work and what is the customer journey?
It’s a platform and a market place – the property developer will come to us with a business case, we vet them, providing due diligence, and we offer the property project to the general public. The result is a streamlined process where the customer can pick-and-choose properties and create their own portfolio, and all they need is their bank card.
What has been the Journey to date?
It’s been a two-year journey from 2012. The American Jobs Act was released and we sensed that crowdfunding was becoming the next big thing. We consulted property experts to decide whether we wanted to focus on equity release, residential buy to let, or long-term loans. After speaking to our head of property, Laurence Bilton, we put together our model to capitalise on the 430bn unencumbered equity market.
What is your favourite thing about Pi Labs?
It’s great being surrounded by people in the same space – you’ll be sitting across the table from someone who has trodden the same path, and may have experienced the same pain points. Coupled with the expertise of the network, Pi Labs provides an environment, which is a privilege and adds value to any business idea.