Mission-driven crowdfunding platform Abundance is now offering an “ethical investment project” offering a 7% return over a 19 month term. The new project is helping build a new social housing project in Liverpool.
This is Abundance’s second investment in the social and affordable housing sector, building on last year’s Merseyside Assured Homes which is now under construction.
According to Abundance, Octevo Housing Solutions, Pax Apartments Ltd is raising £3.1 million to complete the redevelopment of a warehouse in Liverpool’s Ropewalks area, a vibrant district that is part of the city’s regeneration. Pax Apartments Ltd is raising money via tradeable debentures.
Pax Apartments is creating 33 one and two bedroom apartments. These will be maintained and managed by a registered social landlord and let as supported living accommodation and affordable housing to households on local waiting lists.
Abundance states that Liverpool has 16,500 people on the council waiting list looking for homes.
Bruce Davis, Managing Director of Abundance, said the measures to tackle the UK housing crisis have made house builders even richer while ordinary people are still priced out of the market.
“There is a better way. Through Octevo’s model, Abundance customers can help give people good quality homes enabling them to put down firm roots and so building a better long-term future for everyone,” stated Davis. “Making money with purpose can start with an investment of just £5 – that’s got to be more effective than putting your spare change in a hat.”
Robert Macmaster, Director of Octevo Housing Solutions, said the success of their first project on Abundance has paved the way for Pax Apartments.
Octevo’s first funding on Abundance closed in October 2018 having raised the full target amount of £4.25 million.
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