We’ve extended our community share offer to 31st January 2017

Posted by Rob Greenland.

Over the next couple of months we’ll aim to answer questions that people have asked us – on social media, at events we’ve attended etc.  If you have a question, please get in touch and we’ll answer it on here.

It’s important, if you’re considering investing, that you don’t rely on information we share in these blogposts. If you’re considering investing, please visit either our Ethex profile, or the share offer page on our website.  There you will find detailed information on the share offer, our plans, our more detailed business plan, and the Rules of Leeds Community Homes.  And of course, if you have any questions, please get in touch with us.


 

We’ve had a fantastic response to our community share offer, which launched on 17th October with the aim of raising £360,000.

To date we’ve raised over £240,000, so we’re two-thirds of the way to reaching our target.  And as we announced last week, having raised the minimum that we need – £200,000 – we can definitely go ahead with our first project.

We have decided to extend our community share offer until 31 January, to give ourselves the best chance of raising £360,000 through community shares.  The more we raise in community shares, the less we need to borrow in a long-term loan.  Borrowing less has obvious benefits – particularly as the interest rate that we will need to pay on the loan is higher than the interest that we plan to offer to people who invest in our community share offer.  And, of course, over the period of a long-term loan, interest rates may well rise.  Minimising the amount that we need to borrow makes our business model stronger, whilst reducing the level of risk from an interest rate rise – and will put us in a better position to move on more quickly to other projects to create more homes.

The new closing date is 31st January.  Extending the share offer has no material impact on our plans to create our first homes – as we had planned for a possible extension of the share offer – and there is plenty of time to do the necessary preparatory work before the deposit is due to be paid on our first homes (currently scheduled for May/June 2017).

We’d like to thank everyone who has invested in Leeds Community Homes to date.  We’d also like to thank Power To Change who have pledged to invest £100,000 (this figure is included in the £240,000 that we have raised).  If you have invested – please tell your friends!  And if you haven’t, you now have a bit longer to look at what we have planned, and consider investing – from a minimum of £100.

 


 

It’s important, if you’re considering investing, that you don’t rely on information we share in these blogposts. If you’re considering investing, please visit either our Ethex profile, or the share offer page on our website.  There you will find detailed information on the share offer, our plans, our more detailed business plan, and the Rules of Leeds Community Homes.  And of course, if you have any questions, please get in touch with us.