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Gräsrotsfinansiering på fastighetsmarknaden - en introduktion

Scripnic, Tatiana LU (2017) VFT920 20162
Real Estate Science
Abstract (Swedish)
Småföretagen upplever svårigheter vid finansiering med banklån. Anledningen till det är att bankerna ställer högre krav på säkerheter och historik till följd av finanskrisen 2008. Samtidigt söker investerarna alternativa placeringar utanför börsen. I denna miljö föds en ny finansieringslösning- gräsrotsfinansiering. Ämnet är nytt och i detta arbete ges en introduktion och en kartläggning av ämnet genom en undersökning av hur involverade investerare, projektutvecklare, och internetplattformar uppträder på fastighetsmarknaden. Det redogörs även för det svenska och amerikanska regelverket som kan skydda investeraren i denna process. Syftet med detta arbete har uppnåtts med
hjälp av en kvalitativ metod, eftersom målet var att utforska en ny... (More)
Småföretagen upplever svårigheter vid finansiering med banklån. Anledningen till det är att bankerna ställer högre krav på säkerheter och historik till följd av finanskrisen 2008. Samtidigt söker investerarna alternativa placeringar utanför börsen. I denna miljö föds en ny finansieringslösning- gräsrotsfinansiering. Ämnet är nytt och i detta arbete ges en introduktion och en kartläggning av ämnet genom en undersökning av hur involverade investerare, projektutvecklare, och internetplattformar uppträder på fastighetsmarknaden. Det redogörs även för det svenska och amerikanska regelverket som kan skydda investeraren i denna process. Syftet med detta arbete har uppnåtts med
hjälp av en kvalitativ metod, eftersom målet var att utforska en ny företeelse.
Informationsunderlaget utgörs av finansieringslitteratur, mejlkorrespondens med en fokusgrupp och investeringsdeltagande i fastighetsprojekt.
Samtliga involverade parter drivs av vinständamål och nackdelen med detta
finansieringssätt är den asymmetriska informationen. Projektutvecklaren har ett
informationsövertag och för att reducera risken för moral hazard ska denne bidra med eget kapital till projektet. Plattformarna effektiviserar processen för finansiering och därmed minskar transaktionskostnaderna. Investeraren vill få en hög avkastning på sina placeringar, en direkt exponering mot fastighetsmarknaden samt skydd från börsens svängningar. Investeringen innebär oftast köp av preferensaktier eller långivning. Ingen av dessa ger någon rösträtt i bolaget. Gräsrotsfinansiering kan tillgodose investerarens
önskemål, men ett minus är att plattformen har ett informationsövertag. Investeraren vet inte om informationen publicerad på plattformen är fullständig. En oerfaren investerare kan lockas av den höga avkastningen angiven i prospektet, utan att noggrant undersöka riskerna förknippade med investeringen. Dessutom är dessa investeringar illikvida. För att skydda denna typ av investerare har de amerikanska myndigheterna antagit the JOBS Act, som möjliggör kapitalanskaffningen genom gräsrotsfinansieringen men som också ställer vissa krav på alla inblandade parter. Sverige saknar något regelverk för just gräsrotsfinansiering och befintliga lagar används. Aktiebolagslagen tillämpas vid andelsbaserad gräsrotsfinansiering, men lagen utgör ett rättsligt hinder för processens utveckling på grund av spridningsförbudet. Lånebaserad gräsrotsfinansiering hindras dock inte av spridningsförbudet i lagen.
Däremot kan plattformen behöva tillstånd från Finansinspektionen för att kunna utöva en förmedling av krediter. Eftersom det rör sig om krediter från konsumenter kan även Konsumentverket bli inblandat.
Gräsrotsfinansieringen befinner sig i ett tidigt skede och ämnet bör undersökas igen om några år när fler projekt slutförts och återbetalats. (Less)
Abstract
Small businesses encounter difficulties receiving bank loans due to the 2008 recession. Banks have harder requirements on collaterals and satisfactory records of accomplishment than before the crisis. At the same time, investors are looking for investments beside common stocks. In this environment, a new financing solution is being born – the crowdfunding. The aim of this thesis is to research on how the involved investors, platforms and capital seekers on the real estate market make use of this financing solution.
This work focuses on equity crowdfunding and crowdlending. Since there are different types of investors, experienced and inexperienced, it is important to look at the regulations for investor protection. In this thesis are... (More)
Small businesses encounter difficulties receiving bank loans due to the 2008 recession. Banks have harder requirements on collaterals and satisfactory records of accomplishment than before the crisis. At the same time, investors are looking for investments beside common stocks. In this environment, a new financing solution is being born – the crowdfunding. The aim of this thesis is to research on how the involved investors, platforms and capital seekers on the real estate market make use of this financing solution.
This work focuses on equity crowdfunding and crowdlending. Since there are different types of investors, experienced and inexperienced, it is important to look at the regulations for investor protection. In this thesis are described some of the Swedish and U.S. regulations.
The purpose of this work has been achieved using a qualitative method, as the goal was to explore a new phenomenon. The information consists of financial literature, email correspondence with individuals with experience from crowdfunding, and investment participation in real estate projects.
All parties are driven by profit goals and the drawback of crowdfunding is asymmetric information. A sponsor has a greater knowledge about the company and in order to reduce the risk of moral hazard, the sponsor should contribute with equity to the project. Platforms connect sponsors with investors, making the investment process more efficient. This way transaction costs are reduced. Investors want high returns on their investments, a direct exposure to the real estate market and a hedging from the stock market. Crowdfunding can meet these wishes, but the disadvantage is that the platform has a greater material knowledge. The investor does not know if the information published on the platform is complete. An inexperienced investor may be attracted to the high return stated in the prospectus, without carefully examining the risks associated with the investment. In addition, these investments are illiquid. In order to protect the investors, the U.S. authorities have adopted the JOBS Act, which allows raising capital through crowdfunding, but which also imposes certain requirements on the parties involved. Sweden lacks a framework specifically for crowdfunding. The regulations regarding private limited companies constitute a legal barrier for the crowdfunding to develop, due to the prohibition of ownership spreading in private limited companies. Crowdlending, however, is not impeded by this prohibition. On the other hand, the platform may need permission from the Swedish Financial Supervisory Authority to act as a lending intermediary. Even the Swedish Consumer Agency might become involved, since it is mostly consumers that invest through crowdlending.
Crowdfunding is at an early stage in its development and it should be re-examined in a few years when more projects are completed and repaid, in order to collect more empirical data. (Less)
Please use this url to cite or link to this publication:
author
Scripnic, Tatiana LU
supervisor
organization
course
VFT920 20162
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Gräsrotsfinansiering, fastighetsmarknad, fastighetsfinansiering, andelsbaserad gräsrotsfinansiering, lånebaserad gräsrotsfinansiering, kapitalstruktur, fastighetsinvestering
other publication id
ISRN/LUTVDG/TVLM/17/5393 SE
language
Swedish
id
8915182
date added to LUP
2017-06-20 14:29:10
date last changed
2017-06-20 14:29:10
@misc{8915182,
  abstract     = {Small businesses encounter difficulties receiving bank loans due to the 2008 recession. Banks have harder requirements on collaterals and satisfactory records of accomplishment than before the crisis. At the same time, investors are looking for investments beside common stocks. In this environment, a new financing solution is being born – the crowdfunding. The aim of this thesis is to research on how the involved investors, platforms and capital seekers on the real estate market make use of this financing solution. 
This work focuses on equity crowdfunding and crowdlending. Since there are different types of investors, experienced and inexperienced, it is important to look at the regulations for investor protection. In this thesis are described some of the Swedish and U.S. regulations. 
The purpose of this work has been achieved using a qualitative method, as the goal was to explore a new phenomenon. The information consists of financial literature, email correspondence with individuals with experience from crowdfunding, and investment participation in real estate projects.
All parties are driven by profit goals and the drawback of crowdfunding is asymmetric information. A sponsor has a greater knowledge about the company and in order to reduce the risk of moral hazard, the sponsor should contribute with equity to the project. Platforms connect sponsors with investors, making the investment process more efficient. This way transaction costs are reduced. Investors want high returns on their investments, a direct exposure to the real estate market and a hedging from the stock market. Crowdfunding can meet these wishes, but the disadvantage is that the platform has a greater material knowledge. The investor does not know if the information published on the platform is complete. An inexperienced investor may be attracted to the high return stated in the prospectus, without carefully examining the risks associated with the investment. In addition, these investments are illiquid. In order to protect the investors, the U.S. authorities have adopted the JOBS Act, which allows raising capital through crowdfunding, but which also imposes certain requirements on the parties involved. Sweden lacks a framework specifically for crowdfunding. The regulations regarding private limited companies constitute a legal barrier for the crowdfunding to develop, due to the prohibition of ownership spreading in private limited companies. Crowdlending, however, is not impeded by this prohibition. On the other hand, the platform may need permission from the Swedish Financial Supervisory Authority to act as a lending intermediary. Even the Swedish Consumer Agency might become involved, since it is mostly consumers that invest through crowdlending.
Crowdfunding is at an early stage in its development and it should be re-examined in a few years when more projects are completed and repaid, in order to collect more empirical data.},
  author       = {Scripnic, Tatiana},
  keyword      = {Gräsrotsfinansiering,fastighetsmarknad,fastighetsfinansiering,andelsbaserad gräsrotsfinansiering,lånebaserad gräsrotsfinansiering,kapitalstruktur,fastighetsinvestering},
  language     = {swe},
  note         = {Student Paper},
  title        = {Gräsrotsfinansiering på fastighetsmarknaden - en introduktion},
  year         = {2017},
}