CrowdfundUP Closes First Real Estate Crowdfunding Offer in Australia

Beatrice St interiorCrowdfundUP, a real estate crowdfunding platform, has closed the very first deal in Australia. The offer was for a $500,000 development project listed by Perth based developer Megara. The project will build eight, 2-level, residential units in Doubleview, Perth. Both wholesale and retail investors had access to the offer with a minimum investment set at only $100.  The offer closed within a month of launching on CrowdfundUp.

Investors participated in a security of “redeemable shares” with a capped 11% return on a 12 month term.  The offer was personally guaranteed by the three directors of Megara.  Prior to listing the offer on CrowdfundUp,  all necessary planning and approvals were in place.  Construction is currently taking place and is scheduled for completion in November of 2105.  According to CrowdfundUP, half of the units have been pre-sold.

Chad Scott, a Megara Director, called the diversified source of funding a great success.

“Partnering with CrowdfundUP proved an innovative way for us to garner new investors in a short amount of time and also build exposure of our quality developments. We’re proud to be the first property developer using this method in Australia and it’s something we will look at doing more of in the future,” said Scott.

Jack QuigleyCrowdfundUP publicly launched its crowdfunding platform this past March.  The site was founded in 2013 and is backed by a strategic group of investors with over AU $1 billion in combined property assets. Founded by reformed attorney Jack Quigley who is now CEO, Quigly saw an opportunity to alter the way to real estate is financed down under.

 “We’re thrilled with the successful close of Australia’s first property crowdfunded project with Megara,” said Quigley. “We look forward to connecting many more investors to many more property developers, and giving everyday Australians access to investment opportunities across Australia that were previously only available to the select few.”

The CrowdfundUP platform is a bespoke application having been developed in house. The entire investment process is completed on the platform itself, which includes access and coordination of all the required legal, taxation, shareholding, and associated documentation and records.

Beatrice St developmentCompany representatives stated that CrowdfundUP’s second investment opportunity will be live on the platform in two weeks. Twin Ocean Property will seek to raise funds through CrowdfundUP to complete a Brisbane-based development.

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