The Tribune

AKERAGE Ltd, a crowdfunding business promising to revolutionize how people invest in real estate, is still awaiting relevant approvals from the Securities Commission of The Bahamas a year after announcing provisional approval from the regulator.

The company, founded by Carlyle Bethel, said in a statement yesterday: “For approximately four years, the company has been in constant communication with the Securities Commission to ensure that our internal processes are legally and financially compliant and are in line with global best practices. Akerage has answered, responded to, and provided all information and documents requested by the Securities Commission. Though we have yet to receive full approval to begin operations, we are confident that our business model will usher in a new era of real estate investment and ownership for the average Bahamian.”

“For far too long, the benefits of real estate ownership have been kept out of reach from the average Bahamian. Every day, we open the newspapers and see foreigners and high-net-worth individuals speak about the benefits and value of owning Bahamian real estate. Yet, Bahamians face consistent roadblocks and an uphill climb to access the benefits that foreigners access regularly. Akerage combines technology and industry experts to provide low-cost investing into high quality income producing real estate. All properties will be fully owned by investors and held in separate legal entities while being managed by professional third-party property managers in the best interest of the owners.

“Akerage reduces the fees, the risks and the wait time associated with the otherwise complex processes involved in real estate ownership. Akerage increases access and affordability for the average investor. Akerage provides professional expertise, oversight, and guidance to ensure that all properties are managed at a high standard and that all funds generated (after fees and expenses) are transferred to the property owners. Our number one goal is to make investing in income producing property easier and less risky for the average investor.

“The entire team at Akerage looks forward to a successful and prosperous new year as we make real estate investing and ownership a reality for thousands of Bahamians that have been denied their opportunities.”

According to the company’s website, after a team of industry experts vets properties, those properties will be listed and purchased by Akerage’s members. “Those properties are then helped in a separate legal entity,” the website says, adding that all members would have legal ownership.