The first ever real estate crowdfunding app is set to revolutionise online transactions.
The New York based Real Estate crowdfunding platform, iFunding, allows accredited investors to buy shares in both commercial and residential properties. The platform launched in 2012 and has facilitated more than $20 million in investments across the United States. All the functions which are available on its website are now available through the app – which is free for both Apple iOS and Android. iFunding is encouraging tech savvy investors to begin using the app by offering $100 credit back to those who invest over the Labor Day weekend.
The app – called “iFunding – Real Estate Investment through Crowdfunding” – allows users to browse live investment opportunities, complete investment transactions, monitor progress on current investments and receive notifications regarding new deal opportunities. The app also allows for communication between investors and project managers, as well as enabling iFunding executives to discuss queries with the online community.
Sohin Shah, Co-Founder of iFunding and Product Strategist for the app, stated:
“This is the first time that accredited investors will be able to manage their real estate crowdfunding investments via a mobile device. Since some types of iFunding deals tend to fund in a matter of hours or days, the app will be an invaluable way for investors to stay informed about what opportunities are available, and to initiate investment transactions with just a few taps.”
“A large percentage of our web visitors are already on mobile devices, and early feedback shows a lot of excitement about having a custom app for streamlined and full-featured mobile access.”
Though some will surely feel uneasy about completing real estate transactions through a mobile phone, the platform is doing its level best to calm such doubts. iFunding will assign a secure login, encrypt all data traffic and will not store any personal data on the device when the app is not in use. Any financial information is stored with a third party financial services provider.
William Skelley, CEO of iFunding, stated:
“Our COO, Sohin Shah and our internal development team deserve a lot of praise for designing the app to meet investor needs and add features that our leading users requested during feedback sessions. This is advanced use of technology for real estate investing in general, not just for crowdfunding. It reflects our vision for democratizing real estate investing through access and transparency.”
iFunding will only allow accredited investors to partake in its investment opportunities. But this could all change soon if the Securities and Exchange Commission implements the necessary regulations to open up equity crowdfunding to the retail investor.