According to the terms of the contract, the US$25 million will be invested in 11 tranches of at least US$2 million each up to October 2019
CoAssets Stirling Fort Absolute Return Fund (CASFAR), a new fund launched by Singapore-based CoAssets, a crowdfunding platform for real estate companies and SMEs, has received US$25 million investment from family office BMFA Group.
According to the terms of the contract, the US$25 million will be invested in 11 tranches of at least US$2 million each up to October 2019.
CoAssets said in a statement that this funding will enable CASFAR to pursue its objective of collateralised lending by engaging in SME bridging loans with tenures that are generally less than 12 months. SMEs who take up these loans will pledge hard assets or allow the fund to have a charge over earnings or contract receivables.
“The US$25million investment will allow us to invest in more high yielding securitised deals that will in turn generate good returns for our investors and the company,” said CoAssets Co‐founder and CEO Getty Goh. “With this investment, the total assets under management for CASFAR will be about S$40 million (US$29 million) ‐ this is a very good start, considering that the fund was only launched two months ago,” he added.
CoAssets is a Australian Stock Exchange listed platform (ASX). Officially launched in July 2013, it currently has more than 400,000 registered users and the amount successfully funded stands at more than S$45 million (US$33 million).
Incorporated in January 2018, BMFA Group is an independent financial advisory company serving high net-worth executives, professionals, and entrepreneurs in Southeast Asia. It provides a wide range of services, including commercial loans, capital funding, insurance, wealth management, estate planning, and other financial services.
In March last year, CoAssets invested an undisclosed sum in Fintech Pte Ltd, a Hong Kong-based fintech company.
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