Overview
Raised: $251,000
Total Commitments ($USD)
Platform
EquityVest
Start Date
11/21/2023
Close Date
04/30/2024
Min. Goal
$50,000
Max. Goal
$5,000,000
Min. Investment
$250
Security Type
Debt
SEC Filing Type
RegCF
Interest Rate
4.25%
Rolling Commitments ($USD)
Status
Active
Reporting Date
12/02/2023
Days Remaining
150
% of Min. Goal
502%
% of Max. Goal
5%
Likelihood of Max
Avg. Daily Raise
$22,818
Momentum
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Year Founded
2015
Industry
Real Estate & Construction
Tech Sector
Non-Tech
Location
Santa Cruz, California
New Way Homes is raising funds on EquityVest. The company is focused on developing below-market-rate and affordable houses, including workforce, supportive, and other discounted and financially sustainable houses. New Way Homes achieves its target by pairing private impact investment with new development strategies and non-profit landowners and has most of its partnerships with black churches for its current and future projects. The company has completed the construction of 19 homes, with 149 more units entitled and over 300 units in the development pipeline. Sibley V. Simon founded New Way Homes in April 2015. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $5 million. The campaign proceeds will be used for marketing, general working capital, interest payments, and loans for affordable housing development.
Summary Profit and Loss Statement
| FY 2022 | FY 2021 | |
|---|---|---|
|
Revenue |
$622,948 |
$226,651 |
|
COGS |
$0 |
$0 |
|
Tax |
$11,316 |
$15,639 |
| ||
| ||
|
Net Income |
$44,761 |
$-92,821 |
Summary Balance Sheet
| FY 2022 | FY 2021 | |
|---|---|---|
|
Cash |
$1,687,005 |
$2,546,819 |
|
Accounts Receivable |
$726 |
$13,937 |
|
Total Assets |
$7,187,029 |
$6,760,315 |
|
Short-Term Debt |
$1,160,377 |
$164,158 |
|
Long-Term Debt |
$5,559,400 |
$6,173,666 |
|
Total Liabilities |
$6,719,777 |
$6,337,824 |
Financials as of: 11/21/2023
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