Whitepaper

F2K Housing Token Whitepaper

F2K operates a multi-fund tokenised platform. Each fund issues its own ERC-3643 security token representing equity units in a leveraged development fund. Fund 1 (F2K-GEH) is a $100M equity raise for Government Regional Employee Housing, unlocking $250M+ in development capacity at a conservative 60% LVR. Target 18-25% IRR for equity investors.

Fund Structure

Managed Investment Scheme under ASIC regulation. Wholesale investors only (s708). Independent trustee, auditor, and compliance framework.

Token Mechanics

ERC-3643 (T-REX) permissioned tokens on Ethereum. On-chain identity verification. Transfer restrictions enforced at the smart contract level.

NAV & Pricing

Net Asset Value calculated weekly from independently appraised SPV equity positions, accrued integration fee receivables, and lease-backed asset valuations. Token price directly reflects per-unit NAV.

Distribution Model

Quarterly USDC distributions follow the fund waterfall: stabilised asset sale proceeds → repay senior construction debt → integration fee income (12% GDV) → fund income pool → management fee (1.5%) → preferred return (8% hurdle) → performance fee (20% above hurdle) → pro-rata distribution to equity token holders. Target 18-25% IRR.

Subscription & Entry

Minimum $50,000 USDC or equivalent in qualifying hard assets (property, crypto, promissory notes, mortgage notes, art, cash). AI valuation engine assesses each asset with risk-appropriate haircuts (0-45%). Contributions Committee approves. Tokens minted at current NAV per unit.

Security Architecture

Gnosis Safe multisig treasury. KYC/AML via ONCHAINID on-chain identity. On-chain allowlisting. Smart contract audited. Role-based access controls throughout.

Fund Operations

Build → Stabilise → Sell → Recycle

Capital Deployment

F2K provides the equity capital that unlocks project-level debt financing. Each project sits in a ring-fenced SPV — 40% fund equity secures 60% senior construction debt at conservative LVR. Every $1 of investor equity unlocks $2.50+ of housing development. Equity investors take first-loss risk and earn the development margin — amplified by leverage.

Revenue Model

F2K earns a 12% of GDV integration fee during build. Once housing is delivered and tenants are in place under 10-year take-or-pay leases, the stabilised, income-producing entity is sold to a REIT or institutional long-hold investor at a yield premium over development cost. The spread between build cost and sale price is the fund's primary return.

Capital Recycling & Liquidity

Each stabilised asset sale returns capital to the fund — available for distribution or redeployment into the next project. This recycling means the fund can run multiple projects concurrently without raising new equity each time. Quarterly redemption windows and transferable tokens provide investor liquidity.

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