New Way Homes
A new, scalable solution for creating affordable and below-market-rate housing
Overview
Raised: $506,656
Total Commitments ($USD)
Platform
Wefunder
Start Date
09/03/2020
Close Date
04/30/2021
Min. Goal
$100,000
Max. Goal
$1,070,000
Min. Investment
$100
Security Type
Debt
Series
Seed
SEC Filing Type
RegCF
Rolling Commitments ($USD)
Status
Funded
Reporting Date
05/01/2021
Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise
$2,129
# of Investors
178
Momentum
Funded
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Year Founded
2015
Industry
Real Estate & Construction
Tech Sector
Non-Tech
Distribution Model
B2B
Margin
Low
Capital Intensity
High
New Way Homes, a scalable solution for creating affordable housing, is raising crowdfunding on Wefunder. The company focuses on developing below-market-rate houses, including workforce, supportive, and other discounted and financially sustainable houses. Sibley V. Simon founded New Way Homes in 2015 and has raised over $3.9 million since its inception. The proceeds of the current crowdfunding round, with a minimum raise of $100,000 and a maximum raise of $1,070,000, will be used to pay for some pre-development expenses and fund the design and planning permit approval of the next six projects. New Way Homes has already started construction on its first 19 homes and has over 300 homes in permitting.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$405,014 |
$65,320 |
|
COGS |
$0 |
$0 |
|
Tax |
$810 |
$0 |
| ||
| ||
|
Net Income |
$230,489 |
$-34,648 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$238,658 |
$276,232 |
|
Accounts Receivable |
$12,834 |
$0 |
|
Total Assets |
$2,482,051 |
$1,675,845 |
|
Short-Term Debt |
$96,633 |
$120,787 |
|
Long-Term Debt |
$1,785,070 |
$1,185,200 |
|
Total Liabilities |
$1,881,703 |
$1,305,987 |
Financials as of: 09/03/2020
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