Using The Power Of The Crowd
Bunce’s aim is to build a global scalable Fintech/Proptech business which will offer the next generation of property finance for individual residential purchases.
The platform has similarities to both traditional mortgage and rental agreements by offering a crowdfunding platform where investors will “champion” the individual purchaser and pledge funds to allow them to purchase their dream home, while recieving rate busting ROI.
We connect people looking to buy a house with investors looking for safe & bank beating returns; buyers can run timed campaigns to collect investors.
Once located, vetted, approved and money pledged, Bunce buys the property via an SPV, the tenant can then move in and pays a rent to the investors.
3. Growth & Exit
Once in their house, the tenants can buy shares in their house from the SPV. There are multiple exit options available for both homebuyer and investors.
Who Is Bunce For
Bunce is a simple alternative to buying or renting a house; offering access
to nicer homes as well as a financial return (all without any banks!).
See It In Action: Meet Tom
The easiest way to understand BunceCrowd is to follow Tom on his journey.
See It In Action: Meet Tom
The easiest way to understand Bunce is to follow Tom on his journey.
Frequently Asked Questions
What is a SPV Limited Company?
A Special Purpose Vehicle is a UK-incorporated Limited Company specifically set up for the purpose of purchasing the property.
What are capital gains?
Capital gains area profit from the sale of a property or an investment.
What is the "original value"?
The purchase value of the property.
What is a "minimum term"?
The minimum term is how long you are locked in to renting the SPV – for BunceCrowd this is 3 years.
Creating a Homebuyer Account & Buying
How do I find out if I'm eligible to use BunceCrowd?
You must be at least 18 years old to apply and not over 75 years at the end of your minimum term. Only your retirement income will be considered if you want your term to go past your planned or state retirement age.
You will need to show payslips, bank statements and/or HM Revenue & Customs documents to confirm your income and to help make a decision on what size funding is sensible for you to take on.
Even though two people may have exactly the same income, their outgoings can be very different. So, as well as taking your income into consideration, it’s also important to think about your other financial commitments, and consider what effect future interest rate rises could have on your finances. This is to help guard against your rent becoming unmanageable.
Again, you will be asked to confirm your outgoings as funding will not be agreed if there is any indication that you cannot afford it or keep up the payments.please remember that changes to your personal circumstances can alter your financial circumstances as well.
What fees do you charge the home buyer?
BunceCrowd will charge a £250 pre-application fee to cover administration costs this will be applied when you submit your pitch to the Investors (if your pitch is not successful you will be returned 100% of your money) and a further £1250 will be paid.
How long does it take to verify my ID?
Our ID verification checks can take up to 24 hours. Once you have created your account you will be asked to upload a photo of your ID. You can do this straight away, but you can upload it another time if you don’t have details to hand.
To make our ID checks as quick as possible, please ensure you provide photographs of the documents requested and that they are clear and legible.
I've been refused a mortgage, can I still use BunceCrowd?
Yes, as long as you have lived in the UK for more than 3 years and are not bankrupted, are registered to vote and have a regular income.
What checks on me do you make?
Before you apply, we’ll ask for your consent to search the information held about you and your financial arrangements. Personal details about you and, in particular about your financial arrangements with banks and other financial service companies, may well have been passed on to credit reference agencies.
This and other publicly available information, such as the electoral roll, is held by the agencies and, with your consent, made available in connection with future loan or credit applications you may make. The services of a credit reference agency and also fraud prevention agencies will be used to help assess your application.
If I create an account does that commit me to purchasing a property?
No. Joining us is free and without any obligation. Once you have created your account you can view more detailed information about, plus you will send you a buyer’s guide.
What's the typical turnaround time from pitch to keys to your new home?
Typically the process will take 30 – 60 days; from pitchinig to getting keys to your new home.
What’s is the minimum term rental term?
The minimum term is 3 years.
Who manages the property?
Bunce Property Management Limited is appointed to manage the SPV. BPM duties may include appointing and supervising letting/management agents, maintaining the property, maximising rental income, arranging for bookkeeping/accounting and filing annual returns. BPM will charge an asset management fee of 8% of the Gross rental generated by the property.
Who owns the property after its purchased?
A Special Purpose Vehicle (UK-incorporated Limited Company) is specifically set up for the purpose of purchasing the property and will own it on behalf of the BunceCrowd investors.
What happens if I want my money back for the shareholding in the SPV?
Most SPVs provide that you are free to sell your share to a third party at any time. Bunce will look to purchase your shares at the original value or Bunce can help you to find a buyer but please note we will charge a fee for doing so as this is a legal transaction with a degree of paperwork involved.
The fee is a minimum of £50 + VAT per buyer that we source for your shares. Please note there is no guarantee you will be able to find a buyer and selling shares in an unlisted company may not always be possible.
Can I modify / decorate / add to the property?
Yes, as long as you enhance the value of the property and not cause damage that will in the future undervalue the property; you can always contact our accounts team for clarity before you start making changes.
What happens if BunceCrowd becomes insolvent?
In respect to our equity investments (Property Crowdfunding), the BunceCrowd acts independently of the SPVs and is simply a listing platform. The SPVs remain the legal possession shareholder of the SPV and the property.