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Having closed over 20 property loans, with an average cost of $170,000, Caviar plans to issue 375,000,000 tokens, available until January 31st .
After the success of a pre-sale, which raised over $1.5 million in just a week, Caviar is moving forward with the crowd sale expecting to raise $25 million. Having exceeded pre-sale goals, Caviar should have no problem achieving their target objective.
Being different from other tokens emerging, Caviar is looking to simplify the cryptocurrency investing experience, including exposure into the real estate market, which should help stabilize the often turbulent nature of cryptocurrency.
Caviar has closed over 20 property loans, with an average loan size of $170,000 and an internal rate of return of 16% yearly since 2013, according to their whitepaper.
Guy Neumann, Caviar partner, commented:
“In addition to diversification and downside protection, Caviar is committed to immediately start making profits for token holders. Therefore, we are proud to announce that Caviar is already moving forward with a new real estate development project, as the financing of the first property for Caviar in December is underway.”
The launch of the crowdsale hasn’t put Caviar’s real estate endeavors on pause. The loan was issued December 15th, for a home located in a town minutes away from the Springfield, MA border, a location quite accessible to the MGM Grand Casino being built nearby. Caviar claims the house to have a $225,000 backend potential value according to their blog post about it.
“For this new deal we will be working with a real estate developer with whom we have already financed several deals. Even though we know this developer and his work, we still approached the underwriting in the same way. We reviewed his back end market analysis against ours and completed a home inspection prior to issuing an official commitment,” noted Neumann.
While the amount raised in the ICO will determine how much of funds are allocated into real estate investments, ideally Caviar would like to finance an additional 6 real estate deals within just the first quarter of 2018.
The Token Generating Event is expected to run until January 31st with a bonus based on how early you participate. The base token for the 375,000,000 tokens is $0.10, but participants in days 1-3 will benefit from a 15% bonus, days 4-6 a 12.5% bonus, days 7-9 a 10% bonus, and Days 10-12 a 7.5% bonus.
The smaller discount compared to up to 30% of the presale is offset by the fact the barrier of entry has been lowered, as the presale had a minimum of $500 for participants.
Tokens are expected to be issued within 30 days after the TGE, and vesting period for partners is 6 months.