Whitepaper
F2K Housing Token Whitepaper
The F2K Housing Token is a regulated ERC-3643 security token representing units in a Managed Investment Scheme. The fund finances the design and construction of government and workforce housing, delivers tenanted assets under long-term leases, then sells each stabilised, income-producing entity to a REIT or institutional investor — recycling capital into the next project.
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%) → performance fee (20% above hurdle) → pro-rata distribution to token holders.
Subscription & Entry
Subscribe with USDC or stake 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 pays for all construction works upfront the moment a government lease is signed — no progress claims, no construction finance risk for the tenant. Each project sits in a ring-fenced SPV. ~40% cash equity from token investors plus a hard asset collateral pool enables access to institutional construction debt, deploying $2.50-$3.00 of housing per $1 of investor equity.
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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