Now Raising — Wholesale Investors Only
F2K Housing Fund
$600M Tokenised Housing Fund
We finance and deliver modular housing for government and employers under 10-year take-or-pay leases, then sell each stabilised asset to institutional investors — recycling capital into the next build.
F2K pays for all construction upfront the moment a government lease is signed. No progress claims. No construction finance risk for the tenant. Investors stake cash or hard assets — valued by AI — and the fund deploys 2-3x subscribed capital against signed leases.
The F2K Housing Token (ERC-3643) lets wholesale investors participate on-chain — transparent, permissioned, with quarterly distributions as assets are sold.
$600M
Fund Target
10,800
Homes Over 5 Years
$2.2B
Gross Development Value
10yr
Government Leases
The Ecosystem
Four Roles. One Pipeline.
F2K connects capital, construction, tenancy, and long-term ownership into a single repeatable cycle.
Investors
Subscribe with USDC or stake hard assets (property, crypto, promissory notes) — AI-valued, with appropriate haircuts. Earn quarterly distributions.
Apply to Invest →Construction Lenders
Provide senior debt to ring-fenced SPVs. Pre-committed leases. Senior priority on exit.
Lender Information →Government & Employers
Zero capital outlay. 10-year operating leases. Housing from factory to key.
Tenant Information →Offtakers
Acquire stabilised, lease-backed assets with predictable income from day one.
Offtaker Information →Why Now
Seven Forces Converging
There has never been a moment in Australian housing history where this many conditions have aligned simultaneously. Each one alone would create opportunity. Together, they create an emergency that demands a fundamentally new delivery model.
“The Australian housing system remains far from healthy and is continuing to experience immense pressure. Systemic reform and ongoing investment from government and industry are urgently needed.”
— Susan Lloyd-Hurwitz, Chair, National Housing Supply and Affordability Council, May 2025
1. The money is committed and it needs to move. Every state and territory has multi-billion dollar housing commitments on their books. Housing Australia's Round 3 launched in January 2026 to fund the remaining 21,350 homes. The federal government has committed $54 million specifically to modern methods of construction. This isn't aspirational — these are appropriated budgets with delivery timelines and political accountability attached.
2. Traditional construction cannot meet the target. Australia will fall 375,000 homes short of its 1.2 million target by 2029. Labour shortages persist for key trades. Material costs remain elevated above pre-pandemic levels. Builder insolvencies have thinned the industry. The construction sector's productivity has actually declined over two decades. Business as usual is mathematically incapable of closing the gap.
3. Modular is now policy, not experiment. Queensland has set a 50% MMC target for government projects. NSW has 28 suppliers on its MMC Procurement List and is legislating Building Productivity Reforms in 2026. WA has a $50 million Housing Innovation Program. Victoria is building a $50 million Centre of Excellence. The Australian Building Codes Board has published national standards for offsite construction. CommBank has launched prefab-specific lending products. This sector has moved from fringe to mainstream in 18 months.
4. Aboriginal housing is the moral imperative with the biggest pipeline. The NT's $4 billion remote housing agreement alone requires 2,700 homes in communities where traditional construction costs are extreme and skilled labour is scarce. There are 328 Aboriginal Community Housing Providers across Australia. Closing the Gap targets are legally binding commitments. This work requires cultural competence, community consultation, and remote logistics capability that most builders simply don't have.
5. No integrator exists at national scale. Every existing modular player is either a manufacturer competing for individual contracts, a state-based builder limited to one jurisdiction, or a community housing provider focused on tenancy. Nobody is stitching the supply chain together across state boundaries, across manufacturers, across building typologies. The coordination gap is the bottleneck.
6. Asian manufacturing capacity is available and proven. Australia imported $175 million in prefabricated buildings from China alone in 2024, with Chinese goods accounting for 70% of prefabricated imports. The manufacturing capacity exists. What's needed is an integrator who can ensure NCC compliance, manage quality assurance, coordinate logistics, and guarantee that offshore production meets Australian standards — particularly for cyclone ratings and bushfire zones.
7. National certification is being created right now. The $4.7 million federal commitment to a voluntary national certification process for modular manufacturers will transform the regulatory landscape. An integrator who is deeply embedded in this certification framework from day one will be positioned as the trusted bridge between manufacturers and government procurement.
Why Us
The Impartial Integrator Advantage
F2K is not a manufacturer. Not a builder. Not a community housing provider. We are the execution layer that connects all of them — finding the best-fit solution for every use case, ensuring compliance across every jurisdiction, and delivering from factory to key handover.
Manufacturer Agnostic
No equity stake in any factory. No exclusive supply deals. Every project gets an open, competitive assessment of the best manufacturer for the specific use case — whether that's an Australian steel fabricator, an Asian modular producer, a timber SIP manufacturer, or a hybrid approach.
Specification Intelligence
We have mapped the complete specification frameworks of the WA Department of Housing and Works — 12 documents, July 2025 edition — covering all five program streams from metro dwellings to cyclone-rated remote Aboriginal housing.
Multi-Typology Capability
Single dwellings (BCA Class 1a). Apartments (Class 2 & 3). GROH regional officer housing. Northwest cyclone-rated communities. Remote Aboriginal housing. We don't specialise in one type — we match the right method to the right place.
Cross-Border Economies
The same Asian manufacturer building cyclone-rated modules for WA's Kimberley can supply NT's Arnhem Land and QLD's Cape York. National coordination creates production volumes that reduce per-unit cost — something no state-based operator can achieve.
Cultural & Community Competence
Aboriginal housing isn't a product variant — it's a different way of working. Local Decision Making. Community consultation. Cultural design requirements. 42% Aboriginal employment targets. F2K builds this into the operating model from day one.
Speed Through Coordination
NSW has demonstrated 14-16 weeks from DA to completion using modular. The bottleneck isn't manufacturing speed — it's coordination: design compliance, manufacturer selection, QA hold points, transport permits, site preparation. That's what an integrator exists to solve.
How It Works
Build → Stabilise → Sell → Recycle
The fund finances housing construction, delivers tenanted assets under long-term leases, then sells each stabilised entity to an institutional investor — recycling capital into the next project.
Investors Subscribe
USDC or qualifying assets enter the fund as equity capital.
Fund Equity → Project SPV
30-40% of project cost is committed as equity to a ring-fenced Special Purpose Vehicle (SPV) — isolating each project's risk.
Lenders Provide Senior Debt
The SPV raises 60-70% construction finance from senior lenders. Every $1 of investor equity funds $2.50-$3.00 of housing.
F2K Delivers as Integrator
F2K delivers modular housing (earning a 12% GDV fee), managing compliance, manufacturer selection, and logistics.
Government/Employer Tenants Sign Leases
Government departments and employers sign 10-year take-or-pay leases. Zero capital outlay — just an operating expense.
Offtakers Purchase Stabilised Assets
REITs and institutional investors purchase the stabilised, income-producing SPV at a yield premium over development cost.
Capital Recycled → Distributions
Sale proceeds repay senior debt, flow through the fund waterfall, and are distributed quarterly to token holders. Remaining capital is redeployed.
Capital Stack
Project Funding Split
Revenue Sources
Stabilised Asset Sale
Lease-backed SPV sold to REIT at yield premium
Integration Fee
12% of GDV earned during construction
Interim Lease Income
Take-or-pay income between completion and sale
Government Regional Employee Housing (GREH)
Police, Nurses, Teachers, Defence
Housing for essential government staff posted to regional and remote communities. Government departments commit to 10-year take-or-pay leases. No capital outlay — just an operating lease.
Workforce Housing
Employer-Backed Leases
Housing for employer workforces in regional areas where private rental supply is inadequate. Employers commit to long-term take-or-pay leases, guaranteeing occupancy. No capital procurement — just an operating lease.
The Token
ERC-3643 Security Token
Subscribe
Invest with USDC or contribute qualifying assets (property, bonds, cash). Independent appraisal determines value. Tokens minted at current NAV per unit.
Tokens Minted
ERC-3643 security tokens are minted to your verified wallet, proportional to your subscription. On-chain compliance ensures only KYC'd wholesale investors can hold tokens.
Quarterly Distributions
As stabilised assets are sold, proceeds flow through the fund waterfall and are distributed quarterly as USDC to all token holders, calculated pro-rata.
Security & Compliance
Token Standard
ERC-3643 (T-REX) — the institutional-grade permissioned token standard with on-chain identity verification and transfer restrictions. Only allowlisted wallets can hold or transfer tokens.
Fund Structure
Managed Investment Scheme under Australian law. Wholesale investors only (s708 Corporations Act). NAV published weekly. Quarterly audited accounts. Gnosis Safe multisig treasury.
Documents
Read the Detail
Housing Token Whitepaper
Complete technical and financial specification of the F2K Housing Token, fund structure, and tokenisation mechanics.
Read Whitepaper →Organisational Structure
Corporate structure, governance framework, and operational model for F2K as national housing integrator.
Download →WA Opportunity Assessment
Detailed analysis of the Western Australian housing market opportunity and F2K's competitive positioning.
Download →National Action Plan
F2K's national strategy for scaling modular housing delivery across all Australian states and territories.
Download →The National Team
Who We Need at the Table
To be credible as Australia's impartial national housing integrator, the F2K board must represent every critical domain: MMC industry authority, government procurement expertise, housing finance, remote logistics, and institutional governance.
National Board
Strategic oversight, stakeholder relationships, government engagement
- → Chair + Directors + CEO
- → Quarterly board meetings
- → Aboriginal Advisory Sub-Committee
- → Audit & Risk Sub-Committee
- → Manufacturer Accreditation Panel
State Delivery Hubs
Procurement, compliance, local trade coordination
- → WA/NT Hub (Perth)
- → QLD/FNQ Hub (Brisbane/Cairns)
- → NSW Hub (Sydney/Western NSW)
- → VIC/SA/TAS Hub (Melbourne)
Manufacturing Network
Accredited suppliers, QA programs, production coordination
- → Australian steel fabricators
- → Australian modular (volumetric)
- → Australian panelised / SIPs
- → Asian modular producers
- → Specialist sub-assemblies
Mobilisation Roadmap
From Formation to First Delivery
Entity Formation & Board Assembly
Incorporate national entity. Secure Chair and 3 critical director appointments. Register with prefabAUS. Begin CHIA engagement.
Manufacturer Pre-Qualification
Audit and accredit initial manufacturer network: 3-5 Australian, 2-3 Asian. Map capabilities against state specification frameworks.
First State Registrations
Register on WA DHW head contractor panel. Apply for QBuild Standing Offer Arrangement. Submit EOI for Housing Australia HAFF Round 3.
Prototype & First Contract
Deliver prototype dwelling(s) per DHW specification. Target first contract — likely WA prefab housing or NT remote housing.
Multi-State Operations
Activate QLD and NSW hubs. Scale manufacturer network to 8-10 accredited suppliers. Target 50+ dwellings in active pipeline.
National Scale
All four hubs operational. 100+ dwellings in pipeline across 3+ states. Aboriginal housing contracts in NT and/or WA. Revenue covering operations.
All Hands to the Wheel.
This Is Our Moment.
The emergency is real. The money is committed. The specifications are published. The manufacturers are ready. The communities are waiting. What's missing is the impartial integrator who brings it all together. That's F2K.