Pre-launch. No offer is open: information and waitlist only.Updated 14 October 2026 · Project status
Lar Commons
Project status · updated 14 October 2026

Phase 0: foundations.

The economic model, legal path and whitepaper draft are done. Next is a written opinion from Portuguese counsel, then the building company, the crowdfunding platform and the impact anchor. No offer is open and no money is being collected.

Roadmap

Four phases, gated in order.

PhaseScopeStatus
0 · FoundationsCounsel opinion, building company, platform and tokenization partner, impact anchor, waitlistIn progress
1 · PilotOne building, €4M (€3M community + €1M impact), first quarterly payoutNext
2 · Scale3–5 buildings (€15–25M), then opt-in exchange into a pooled SIGI or licensed fundLater
3 · New supplyRehab of vacant stock and new build on leased public land under CIALater
Phase 0 checklist

What has to happen before an offer.

Critical path to a first offer, estimated at 4–6 months from engaging counsel: counsel opinion, then company, then platform, then a building under conditional contract, then the bond terms and KIIS.

  • Done
    Economic modelv2.2, 14 Oct 2026. Lever-by-lever yield, stress case, tax-stacking scenarios.
  • Done
    Legal path researchv3.1, 14 Oct 2026. Structure, regimes, partners and open questions for counsel.
  • Done
    Whitepaper draftv0.4, 2026-10-14. Read it.
  • Done
    Information site and waitlistThis website.
  • Next
    Written opinion from Portuguese counselBond characterisation, investment-fund risk, RSAA + CIA stacking, marketing limits.
  • Next
    Council support for CIACoimbra or Leiria: whichever municipal assembly will vote the CIA benefits first.
  • Next
    Impact anchor for the €1M first-loss trancheOn the critical path: without it the target falls to about 2.4%.
  • Next
    Building shortlist2–3 whole buildings of 15–18 flats, about 15% below market.
  • Next
    Incorporate sponsor company and first building companyAfter counsel's opinion.
  • Next
    Select crowdfunding platform and tokenization providerChosen together: the platform decides which token stack works.
  • Next
    Name and trademark check"Lar Commons" is a working name.
Changelog

What changed, and when.

Every material change to the structure, numbers or documents is logged here.

  1. Whitepaper v0.4 and information site
    • Base coupon set at 1.25% fixed, below the worst modelled case (1.45%).
    • Opt-in exchange clause into a future pooled vehicle added to the bond terms.
    • Launch mechanism confirmed: tokenised participating bonds now, pooled ownership at scale.
    • Information website built, with the whitepaper as HTML and PDF.
  2. Structure decided
    • One Portuguese company per building, issuing participating bonds through a licensed EU crowdfunding platform.
    • Pooled fund deferred to Phase 2. DAO and land-trust models rejected.
    • US and UK investors excluded.
  3. Economic model v2 and legal path v3
    • Finding: buying at market and renting 20% below pays about 1.6%. Four levers lift the target to about 3%.
    • One company per flat ruled out: negative yield.
    • Whitepaper draft v0.3 written.