MAKING MONEY WITH ALTERNATIVE FINANCEassets.sharein.com/crowdlords/docs/0d808fcf-85bf-46b0-a6d5-eaa198681e27.pdfThis investment-based crowdfunding model enables investors to acquire

A NEW OPPORTUNITY FOR PROPERTY INVESTORS

MAKING MONEY WITH ALTERNATIVE FINANCE

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A new age of finance 3

The evolution of alternative finance 4

P2P consumer lending 5

P2P business lending 5

P2P property lending 5

Equity-based crowdfunding 5

Real estate crowdfunding 6

Debt–based securities 6

Invoice trading 7

A new opportunity for property investors 8

Investing in developments 9

The Capital Stack 9

What is driving alternative finance? 10

The opportunity 10

Access to markets 11

Technology 11

A property developer’s perspective 12

The funding challenge 13

The Future 14

So who’s investing? 15

Risk and reward 17

Getting started with alternative finance 17


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The UK is among several economies

around the world witnessing rapid

growth in this area, fuelled by new

technologies and an unsatisfied

need to acquire capital to support

new business ventures and

company growth.

A whole new landscape now offers

combinations of diverse investment

opportunities with varying levels of

and reward. Funders now have the

potential to profit from the many

platforms that cater to this growing

demand.

We are currently witnessing large

growth in a range of different

propositions such as peer-to-peer

business lending (P2P), equity-based

crowdfunding and debt-based

securities. And within these channels,

real estate investment has substantial

volume representation and offers

a popular alternative for investors

looking to profit from the property

sector without the responsibilities

that come with traditional buy-to-let

investments.

While the sector is still young, and

some may have their doubts about

the sustainability of profit potential

in the long-term, growth seems

likely to continue and investment

opportunities remain attractive.

A NEW AGE OF FINANCE

New and exciting models have emerged in the world of finance in recent years signifying a momentous shift in the way funding is provided. These processes that lie beyond the boundaries of traditional finance have opened the doors for investors to many new opportunities to make money.

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THE EVOLUTION OF ALTERNATIVE FINANCE

The alternative finance sector has

undergone rapid expansion in a very

short space of time. Data from the

Cambridge Centre for Alternative

Finance (CCAF) indicates that from

2011 to 2016, the UK market grew

from £0.31 billion to a staggering

£4.58 billion.

Although overall year-on-year

growth has since slowed, this

impressive evolution has established

a formidable and permanent rival to

mainstream financial structures.

Many have attributed this trend to

socio-economic factors such as

low interest rates deterring investors

from traditional investment options.

Also, the wave of post-recession new

businesses hungry for rapid scaling has

created a huge demand for alternative

sources of capital.

Together with the lingering effects of

the financial crisis that have curtailed

bank loans to small businesses,

the context of today’s booming

alternative finance market has been

well and truly set.

The final piece to the puzzle was laid

by the actual platforms that facilitate

connections and exchanges between

lenders and funders. Zopa, for instance,

was among the first peer-to-peer

platforms and remains a dominant entity

in the sector still today.

They succeeded by connecting

borrowers and lenders directly in a

way that completely cut out the banks

– this was the answer many were

looking for.

Similarly, platforms like Funding Circle

applied this very same model to

businesses, supporting the growth of

peer-to-peer business lending that

reached £1.2 billion by 2016, a 40 per

cent increase on the previous year.

Now we can benefit from a

democratised and varied landscape

of alternative finance options that has

become “the default fundraising and

investments channel for businesses,

retail investors and institutions”,

according to Bryan Zhang, co-

founder of the Cambridge Centre for

Alternative Finance.

As we move forward, and the sector

matures, we may see certain models

move even closer to the mainstream

with an increase in institutional

involvement. This could have two

effects; the first being added cost

and complication to a currently

streamlined process; the second being

more consumer confidence as a result

of added regulation - spurring even

more growth.

Whatever happens, the world of alternative finance offers many ways for investors to potentially generate profits from new and exciting models that are greatly outperforming their predecessors.

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P2P CONSUMER LENDING

Peer-to-peer consumer (P2C) lending has been one

of the largest contributors to the alternative finance

market in the UK, reaching £1.169 billion in 2016.

Offering potential returns of around 6-10 per cent,

this method allows investors to fund separate loans to

borrowers online, providing low-cost, unsecured loans

to consumers.

As one of the biggest segments in the UK alternative

finance market, with wide availability and competitive

interest rates, investors can spread risk across hundreds

of potential funding opportunities.

P2P BUSINESS LENDING

Edging ahead of P2C lending in 2016 as the largest

segment of the alternative finance market, peer-to-peer

business lending (P2B) offers investors the opportunity to

lend to businesses in need of capital and the chance of

making annual returns of around 7-10 per cent.

Platforms that facilitate this process are responsible

for sourcing investors, reviewing the credibility of the

borrowers and making the exchange - offering a range of

interest rates based on risk assessments.

P2P PROPERTY LENDING

The peer-to-peer property lending model has been

one of the largest drivers of the UK’s alternative finance

industry. Generating £1.147 billion in 2016, an 88 per cent

increase on the year before, it has financed thousands of

commercial and residential developments.

With a range of products available such as BTL (“buy-

to-let”) mortgages, bridging finance and development

finance, investors can enjoy potential returns from 4 per

cent to up to 12 per cent per annum.

EQUITY-BASED CROWDFUNDING

Equity-based crowdfunding allows funders to invest in an

early-stage unlisted company in exchange for shares. As a

shareholder with partial ownership of a company, profits

can be considerable depending on the success of the

business, although there are unique risks to consider as

well (such as capital risk and illiquidity).

The majority of these businesses are start-ups, however,

with considerable likelihood of failure. Investors are

therefore encouraged to spread their investment across

multiple businesses to reduce exposure. Some people

have also raised concerns about the credibility of

valuations used to raise equity as well as the potential for

exit opportunities down the line.

Depending on the success of the businesses they invest

in, investors could enjoy returns of 10x their original

investment from those that are successful, but the

number of exits achieved so far are few and far between.

Certain alternative finance segments offer added tax advantages due to their Innovative Finance ISA (IFISA) status. Since 2016, peer-to-peer lenders and other debt based investments have been able to offer a tax-free ISA account that enables eligible funders to enjoy tax-free returns, similar to cash or investment (stocks and shares) ISAs.

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REAL ESTATE CROWDFUNDING

This investment-based crowdfunding model enables

investors to acquire partial ownership of a property asset

via the purchase of shares in an SPV (Special Purpose

Vehicle) which owns a single property or a number of

properties. Achieving volumes of £71 million in 2016,

this method offers access to various property types.

Investments are often available in rental properties,

whether commercial or residential, as well as during the

development phase, which has the potential to create

even greater returns.

Compared to the buy-to-let market, which is now

seeing heavy government regulation and new taxes

that significantly limit returns, real estate crowdfunding

can generate potential total returns of 8-25 per cent per

annum and opens the door to different markets within the

real estate world. As with other crowdfunding investments,

investors should still be aware of the fact that their capital

is at risk and investment returns are not guaranteed.

Also, in contrast to equity-based crowdfunding, this model

may offer credible valuations by professionals accredited

by the Royal Institute of Chartered Surveyors (RICS), along

with realistic exit options that can be achieved either by

selling the property or refinancing through bank lending.

DEBT–BASED SECURITIES

Debt Based Securities (DBS) is a relatively new asset class

that increased dramatically in market volume from £6

million in 2015 to over £79 million in 2016, according to

the Cambridge Centre for Alternative Finance. It refers to

securities such as shares or bonds representing a loan

from an investor to a company.

Many of the bonds now available on platforms like

WiseAlpha are issued by recognisable high street brands

and were previously unavailable unless you had significant

sums to invest. A good way is to invest in brands you know

and trust where projected returns can be between 5 and 7

per cent p.a.

INVOICE TRADING

Invoice trading, or invoice financing, experienced triple

digit market volume growth from 2011 to 2014 in the UK.

A trend that has since slowed considerably, yet it still

represented a total volume of £452 million in 2016.

This method allows investors to provide relatively low risk

investments into successful businesses in exchange for a

percentage of unpaid invoices owed to the company from

its clients - potentially resulting in an annual return of up to

10 per cent depending on the loan structure. The security

of these invoices offers investors security while the short

term capital for businesses allows them to grow at a much

faster rate - propelling the popularity of this model.

Although your platform may offer IFISAs, your investment may not automatically qualify so it’s worth checking with your provider first if this is an important factor in your investment. Investors should also note that tax status is individual, and consult with a tax professional if they are unsure whether they qualify for tax benefits via the IFISA.

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Source: Entrenching Innovation, The 4th UK Alternative Finance Industry

Report, Cambridge Centre for Alternative Finance, 2017

Peer-to-PeerBusiness Lending

Peer-to-PeerConsumer Lending

Peer-to-PeerProperty Lending

Invoice Financing

Debt-based Securities/Debentures

Equity-basedCrowdfunding

Real EstateCrowdfunding

£1,232m

£1,169m£909m

£547m

£1,147m£609m

£287m

£881m£749m

£139m

£452m£325m

£270m£97m

£79m£6.2m£4.4m£2.7m

£272m£245m

£84m£28m

£71m£87m

2013201420152016

SIZE & GROWTH BY MODEL

Figure 2: UK Alternative Finance Market Volume by Model, 2013-2016


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The UK’s property market has long been a favourite

of British and foreign investors alike. Consistent

population growth, a relatively stable economic

and political climate, and the increasing demand

for accommodation in major cities has typically

sustained profits for investors in the buy-to-let market

for many years.

But times are changing. An additional layer of stamp

duty land tax (SDLT), the abolition of mortgage interest

tax relief and added regulation from mortgage lenders

have made direct property investment significantly

more challenging. To avoid these ongoing costs and

responsibilities, many landlords and investors have

begun to look to alternative finance models for new

opportunities to make money from a still consistently

profitable asset class.

Alternative finance for property is now a large and

varied market with a range of products that cater to

different investor types with different attitudes to risk.

BRIDGING LENDING

An increasingly popular model, development or

bridging lending, allows lenders to issue loans

to individuals in need of short term finance

when purchasing property or initiating property

developments. As such, investors can benefit from

short term capital investments with projected

annualised returns of 6-12 per cent over a 6-12

month period.

MORTGAGE BASED LENDING

As banks make it increasingly harder for individuals

to secure mortgages, alternative finance options

offer a potential solution for the Buy-to-Let

mortgage market. Investors can spread money

across multiple loans, often with the help of an

‘auto-invest’ feature, and enjoy potential returns of

4-12 per cent based on the interest paid on these

mortgages by other property investors.

DEVELOPMENT FINANCE

Unlike bridging lending, the amount of property development finance available is usually based on gross

development value – meaning the value of the site once refurbishment or construction has been completed.

Typically a short-term loan, it can generate returns for investors of 8-12 per cent per annum over a 1-3 year term.

DEVELOPMENT EQUITY

Lending specifically to development projects through

dedicated investment vehicles allows investors to

invest in shares in individual property developments,

with the potential for lucrative returns once the

property is completed and sold. Projected returns

range from 15-30 per cent per annum over a 1-3

year period. Unlike development finance, shares are

awarded for partial ownership of the development,

representing an inherent interest in relation to the

value of the future property.

MEZZANINE FINANCE

Offering potential returns of 12-18 per cent per

annum over 1-3 years, mezzanine finance provides

lenders with a secured position behind the senior

lender but with priority over the developer. It is

typically higher risk than development finance, but a

lower risk than development equity.

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INVESTING IN DEVELOPMENTS

Alternative finance has transformed

the way investors access the property

market in the UK, enabling investors

to acquire ownership of a property-

asset via the purchase of shares

in an SPV which owns a range of

rental properties or more recently, in

developments.

Investors can choose from varying

levels of risk and reward depending

on their investment criteria – profiting

from assets that would normally be

out of reach to all except the very

wealthy individuals able to fund joint

ventures by themselves.

THE CAPITAL STACK

As many property developments are multi-million pound projects, funding is usually provided from a variety of sources. The overall structure is then made up of different layers that are referred to in the industry as the ‘Capital Stack’.

If you’re at the top of the stack with

equity in the development, you

will reap greater rewards from its

appreciation in value and eventual

sale price.

For those who don’t want equity,

mezzanine or senior debt investors

will receive interest from the profit

generated from the property. In

general, most real estate developments

will source capital from more than

one entity; typically, higher positions in

the capital stack earn higher expected

returns due to their higher risk as a

result of the order of priority.

Whether it is with a debt-based

investment or equity investments,

individual lenders are starting to

replace banks, insurance companies

and other entities traditionally known

for providing development capital.

OR

DE

R O

F P

RIO

RIT

Y

TOTAL

Common Equity Preferred Equity

Mezzanine Debt Senior Debt

This visual is for illustrative

purposes only.

Until recently, it was difficult for

investors to enter the property market

at any other point than the buy-to-

let market, unless they happened to

be ultra-high-net worth individuals

themselves. Now, both debt financing

and equity ownership is available

through crowdsourcing offering a

range of potential returns at various

levels of the Capital Stack.

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WHAT IS DRIVING ALTERNATIVE FINANCE?

Key driving factors are responsible

for the growth of alternative

finance in the UK. The need for

finance from SMEs and property

developers are among these, as

well as the relative uncertainty

about the UK economy and the

reluctance of banks to issue loans.

As a result of these socio-

economic factors, it is proving

to be progressively challenging

for young companies as well

as property developers to fund

their projects through traditional

methods.

In this void, both individual

and institutional investors are

now providing much needed

capital to various enterprises

and are benefiting from the

potential for attractive returns..

THE OPPORTUNITY

Although motivations for funding

differ across the industry as a

whole, investors are primarily

enticed by the chance of financial

returns and the added advantages

that come with alternative finance

models over traditional methods.

These include:

• More control over investments.

• Access to a diverse range of

investment opportunities.

• The ease of investing and

the functionality of online

platforms.

• Greater returns or more

attractive interest rates.

• The ability to spread capital

across multiple investments.

• Tax benefits for eligible investors

in some cases.

• Access to specialist markets.

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ACCESS

To facilitate this relationship, online platforms

have played a large role in accommodating easy

communication and exchange between funders

and business ventures. The opportunity for anyone,

anywhere, to access information about alternative

investment types is something that previously

never existed.

Property still remains a popular and viable option for

investors, and alternative finance methods such a

crowdfunding have allowed investors to contribute

to the capital stack at various stages, offering the

potential for attractive levels of reward for investors

and new opportunities for developers.

TECHNOLOGY

At the heart of alternative finance processes is the

role of online platforms. As technology and networks

mature, this will allow an ever more efficient process

of connecting, interacting and eventual exchange

that will drive the industry forward even further.

Investors on these platforms also benefit from better access to opportunities and greater transparency, as well as the advantages of the platforms carrying out high levels of due diligence on each of the investment opportunities offered.

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A PROPERTY DEVELOPER’S PERSPECTIVE

Property developers like Harrison

Hunt operate in the space

between national house builders

and small scale developers and

are at the heart of the growing

demand for finance in the property

development sector.

Originally part of the renowned

architectural practice, Purcell, the

team branched out to establish their

own independent development

business focusing on the creation

of beautifully designed bespoke and

sustainable schemes across the UK.

In their search for projects that

enable them to apply their core

skills of commercial acumen,

creative design and distinctive

place making, David Harrison,

James Sanderson, and Diana Hunt

Borland faced the same challenges

as other developers of a similar

size, the most pressing of which is

raising finance.

As David, development director at

Harrison Hunt explains:

“As far as the banks are concerned, they pay very limited regard to our experience and capabilities and treat us as a start up with no track record. This is extremely frustrating for me personally as I’ve got 40 years of development experience across all sectors”.

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THE FUNDING CHALLENGE

The funding required for a development is often referred to as the Capital Stack – made up of three or four layers of funding supplied by different sources.

At the bottom is the senior debt layer, usually sourced from a high street bank or specialist lender. These funds are secured with a charge on the property, meaning that if the project falters, they are first in line to be repaid. However, in order to insulate themselves from unnecessary risk, banks have reduced how much they are willing to lend.

The pressure has since been placed on developers themselves to source the remaining amount needed for the project’s completion. A number of alternative finance platforms now operate in this gap, offering secured lending opportunities to their users.

The next layer is known as mezzanine debt, which in the past has often been provided by wealthy individuals or groups of individuals willing to take a position behind the bank in exchange for charging a higher interest rate. A number of lending platforms now offer access to this layer as a popular method for investors to generate target returns of between 1-2 per cent per month.

The rest of the funding is usually invested as equity, either by joint venture partners (private investors) and increasingly, platforms like CrowdLords, who handle due diligence issues such as the issuing of shares, corporate governance and the distribution of profits at the end of the development.

In the past, David and others like him would have spent a significant amount of time and energy arranging the finance. As he says:

“One of our main challenges has always been sourcing the additional funds needed for us to secure the principal lender. Before the advent of platforms like CrowdLords we were all chasing the same few wealthy individuals out there who could afford to support us in a Joint Venture.

“Now, with CrowdLords, we attract new investors with every development we do and for as long as we do a good job and deliver beautiful, distinctive developments that deliver a healthy profit, we expect this

to continue.”

Access to a wider source of funds is one thing, but Harrison Hunt believe CrowdLords and others bring additional benefits:

“Based on our experience with CrowdLords it seems that transparency and openness are essential and that has not been our experience with some mezzanine finance providers we have used in the past. Crowdfunding has changed how businesses seek funding and now it is doing the same for the property sector.”

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THE FUTURE

“Working with CrowdLords has helped enable our first development as Harrison

Hunt - an Art Deco inspired development of luxury apartments in Lytham St

Anne’s. We are now preparing to start raising funds for our next project – the

restoration of a derelict listed vicarage combined with some modern designed

new-build flats and houses that we’re very excited about.”

Harrison Hunt raised

£335,000 in equity from

27 CrowdLords investors

for their first development

of 8 luxury apartments in

Lytham

St Anne’s.

The restoration of a listed

former vicarage is the

next project for which

they will be looking to

raise £450,000.

David Harrison, Harrison Hunt.

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SO WHO’S INVESTING?

According to the 4th UK Alternative

Finance Industry Report published

in 2017, over 2.5 million individuals

utilised UK alternative finance

platforms in 2016.

Surprisingly, a high proportion of

alternative finance investors earn

less than £25,000 per year with a

large percentage investing in P2P

consumer and business lending

where the entry point can be as low

as £10 per investment.

Other models such as equity-

based crowdfunding typically

attract investors with larger annual

salaries higher than the UK average,

suggesting that wealth plays a role

in the types of alternative finance

models individual investors choose.

With a mix of individual and

institutional funders active across

various models, many are involved in

multiple alternative finance platforms

simultaneously - a true sign of the

market’s maturity.

Data from a 2016 Funder Survey

distributed by Cambridge University

and its research partners shows that

over half of all funders used two

or more platforms when investing

online, with P2P property lenders

exhibiting the highest levels of multi-

platform use at 73 per cent.

Though alternative finance is

considered innovative and largely

decentralised, as processes have

matured, we have witnessed an

increase in institutional investors

entering the market. Specifically,

funding from entities such as banks,

pension funds, asset managers and

building societies have accounted for

a significant proportion of peer-to-

peer property lending.

Although data shows that male

funders dominate the sector, there

is encouraging indication that the

industry could increase gender

balance in the investment sector.

Across P2P lending models as a

whole, about a quarter of lenders

are female. In 2016, 35 per cent of

borrowers in P2P consumer lending

were female while only 16 per cent

were in P2P property and business

lending.

In terms of age, investors tend to be

35 and over with a high percentage

of these funders placed in the over 55

category and holding retired status.

This suggests that funders are likely

to be using accumulated capital set

aside for savings or investments.

Ultimately, the sector as a whole

has created a certain amount

of liberalisation in the financial

investment world, the likes of which

we haven’t seen before. Whether

it’s because of the easy to use

functionality, platforms facilitating

straightforward exchanges, or other

external factors, investments are no

longer restricted to individuals with a

high level of specialist knowledge or

substantial capital.

WHY I INVEST THROUGH ALTERNATIVE FINANCE:

AW is an expat female living in Singapore with plans to return to

the UK someday. Her investment strategy has always been not

put all her eggs in one basket.

She says:

“ Crowdfunding gives me the opportunity to spread the risk by investing in a number of property developments through Crowdlords. As such, I am comfortable with the higher risks and also expect better returns than I can find in other investment areas. ”

“ As these investments are in property, I understand that it is not so liquid and that my money is tied up for a fixed term. So by investing in a number of projects I can spread the risk and receive pay-outs periodically. ”

But what attracts people to this new

style of investing? AW continues:

“ What attracted me to

crowdfunding was how

democratic this style of

investment is and personally,

I feel I am playing a small

part in making Britain a better

place to live as a result of my

investments. This is quite

a satisfying feeling. ”

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RISK AND REWARD

Whether you are investing for income

or capital growth, the world of UK

alternative finance now offers a wide

range of options and with careful

research and a patient approach it

is likely you will find something to

meet your personal situation and

your particular financial goals. Often

the rewards will seem attractive, but

remember that alongside rewards

each option comes with its own risks.

Due diligence is an important way

to limit the risk involved. While you

may be able to trust certain platforms

to execute appropriate levels of due

diligence when vetting investment

opportunities, funders shouldn’t be

complacent.

When assessing an investment

opportunity, it is recommended that

investors perform their own due

diligence to ensure they are content

with the nature of the investments

they are considering and to seek

professional advice if they are unsure

It’s important to understand the

methods used by each platform

to discern creditworthiness and

risk. In the end, what one platform

considers a low risk investment could

be classified entirely differently by

another platform. And while some

rely on the expertise of experienced

professionals, others may rely entirely

on digital algorithms.

Investors should find out everything they can about the people who manage investment platforms as well as the specific loans and investments listed. There is certainly money to be made in the sector, but blind trust may lead you down a dangerous path.

DUE DILIGENCE CHECKLIST

• Learn how platforms categorise

high and low risk groups and

whether this is performed by

people or algorithms.

• Check if loans are secured by

assets such as property or whether

they are unsecured.

• Always weigh up the balance

between security and the potential

for high returns.

• Learn about the sector you are

investing in, especially with equity

financing.

• Consider the reputation of the

platform and the intentions of

its owners.

• Consider whether the platform

and investment opportunity is

sufficiently transparent.

FINDING A BALANCE

Ultimately, investments will always

come with a certain level of risk and

the key is to find the right balance of

security and reward that suits you.

Performing your own research is a

cornerstone of this process as well

as ensuring you invest with credible

platforms.

There are without doubt some

excellent investment opportunities

out there, but treating the whole

sector with naive optimism could

leave you over exposed and

potentially at risk of losing serious

capital.

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GETTING STARTED WITH ALTERNATIVE FINANCEInvestors currently have options for low, medium and

high potential yields depending on their capacity and

willingness to shoulder risk. In short, the diversity of

opportunities seems to offer something for various

different types of investors, imbuing the industry with a

more democratic nature than we have ever known.

If you are looking for higher risk investments with greater

potential returns, then choose your investment vehicle

based on this understanding, whether this is equity based

crowdfunding or mezzanine financing for instance. If

you’re looking to play it safe but still want the potential

to generate added value from your existing capital, P2P

property lending may be what you want.

We are also seeing diversity spread to investor profiles with

a mix of demographics contributing to the overall growth

of the sector. No longer are investment opportunities

solely restricted to high profile, sophisticated investors

with large capital – individuals young and old with modest

investment capacity are also finding that they can make

their money work harder for them with alternative finance

models.

As economic forces put further pressure on banks, and traditional investment opportunities become less attractive, this is only likely to push both casual and professional investors further into the world of alternative finance.

Getting started with alternative finance may seem like a big

step at first, but with the variety of options out there, each

offering something different, it’s well worth considering if

you can make your money go further with this pioneering

innovation in the world of finance.

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GUIDES

https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/

downloads/2017-12-21-ccaf-entrenching-innov.pdf

https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/

moving-mainstream/#.W362AuhKiUk

https://media.nesta.org.uk/documents/understanding-alternative-finance-2014.pdf

https://www.accountingweb.co.uk/business/finance-strategy/the-evolution-of-

alternative-finance-is-there-still-life-beyond-the-banks

https://www.fastinvest.com/en/blog/7-reasons-why-you-should-give-p2p-lending-

a-go-in-2018

https://www.investly.co/blog/2016/08/01/what-you-need-to-know-about-investing-

in-invoices

https://www.investopedia.com/terms/m/mezzaninefinancing.asp

ARTICLES

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Find out more at: crowdlords.com

In respect of their crowdfunding activities, CrowdLords Limited is an Appointed Representative of Share In Limited which is authorised and regulated by the

Financial Conduct Authority (No 603332)

Documents

MAKING MONEY WITH ALTERNATIVE FINANCEassets.sharein.com/crowdlords/docs/0d808fcf-85bf-46b0-a6d5-eaa198681e27.pdfThis investment-based crowdfunding model enables investors to acquire