The SPV holds title.
Investors have an equity interest in the entity that owns the asset. On a sale, proceeds flow through the SPV to holders.
- Legal title held by
- The SPV
- Investors hold
- An equity interest in the entity that owns the asset
Real Estate Tokenization Development Company
For owners tokenizing a building they own — not managers tokenizing units in a property fund.
We build real estate STO platforms where the SPV that holds the asset, the rent that comes out of it, and the rules about who may hold a share are all enforced by the contract. Audited before mainnet, and the code is yours at delivery.
- 2019Founded
- 12Tokenization Platforms Delivered
- 17+Smart Contract Audits Delivered
- 0Exploits Shipped to Mainnet
Running a pooled property vehicle with a manager and outside capital? That is a fund, and it builds differently → STO and tokenization development for authorised firms
What Your Investors Actually Hold
Structure 1: the SPV holds title
TokenWhat your investors hold. An interest in the SPVSPVOwns the property, named as owner in the registryBuilding and land registryRecords the SPV as legal owner. Nothing on-chain changes this entry
- Your investors
Your investors hold a claim against a company that owns a building, and not the building.
- The vehicle
The SPV holds the property. The token is an interest in the SPV.
- The building
A building cannot go into a wallet. Legal title is recorded in a land registry that no blockchain can change.
Two versions, and they are not interchangeable
The SPV holds only the income right.
The owner keeps title and assigns a share of rent to the vehicle. Investors have a claim on the rent, not on the asset. That's a genuinely different risk and has to be disclosed as one. It is also the faster structure, and fits the owner who retains the property solely.
- Legal title held by
- The owner
- Investors hold
- A claim on a share of the rent, not on the asset
One vehicle, one property
One vehicle holding several buildings, with someone choosing which go in, is pooled capital, and that makes it a fund. A fund needs a manager, and above the size thresholds a depositary and an independent valuation function. It is a structural prerequisite, whoever you are. Investors each choosing a specific building is not pooling. Already an authorised manager? the authorised-firm page . Otherwise we test your structure before anything is designed.
Two Gaps to Close on Paper First
Registry versus token
The registry entry is the source of truth, and the token register is a record of interests in the vehicle holding it. Those two have to be tied together in the SPV documents. The documents say who may amend, what happens if they diverge and what a holder's remedy is. Assume it and you have built a register that nobody has to honour.
What ranks ahead of your holders
If the property carries a mortgage or any registered charge, that lender is paid first from what is left. Token holders sit behind it, and the distribution waterfall has to reflect that order rather than paying pro rata off gross proceeds. Telling investors that they have a first claim on a mortgaged building is a disclosure error. Your counsel confirms the ranking in your jurisdiction and we encode it.
We work directly with your counsel and produce a compliance specification you both sign off before development.
Get Your SpecificationHow We Get a Valuation Your Investors Can Rely On
A property has no live market price. So what goes on-chain is a periodic appraisal from a named, signed source at a cadence you fix in advance.
Three questions shape the design:
What is the value between appraisals?
The last published figure, held, with its date visible to investors. A stale number presented as current is the thing that gets challenged.
Who may post one, and what happens to an outlier?
Valuations are accepted only at source quorum, and a figure deviating beyond your tolerance halts rather than entering the system. An appraisal arriving 40% above gets reviewed before it counts.
Which number are you publishing?
Capital value and rental yield are two different figures, and investors routinely read one as the other. Both are shown, separately labelled, with the basis stated.
The platform publishes the appraisal, its date and its source. It never shows a projected return.
What Actually Reaches Your Investors Each Month
The gap between the headline rent and the number that reaches a wallet is the most common source of investor complaints.
A waterfall is the order money is paid out in, each claim settled before anything reaches the next.
Headline rent to distributable · illustrative- Headline rentThe rent if every month is let
- Void periodMonths with no rent, so this income never arrives
- Charges outService charge, management fee, insurance, local property tax, maintenance reserve
- DistributableSplit by balances at the record date
Payout order
We encode in that order. Gross rent comes in. Service charge, management fee, insurance, local property tax and maintenance reserve go out and the void period: the months the unit sits empty, which owners leave out of a model and investors discover in month seven.
The split
What remains is distributable, split by the balances recorded at a record date fixed in advance.
Why it matters
So a late buyer cannot collect a period they were not in.
Three rules the contract holds:
- Payment due
Eligibility is re-checked at the moment of payment, not just at subscription
A distribution that cannot cover the full holder set does not open at all
Anything unclaimed is held and stays reclaimable, rather than leaking
- Holder wallet
Where it is possible in your structure, the agreed share of rent is routed automatically. Where it is not, the SPV documents carry the obligation to pass it through, with a consequence attached.
Paid in stablecoin or by bank transfer
The waterfall sets what each holder is owed. The money itself moves from the SPV's account in a stablecoin to the holder's wallet, or by bank transfer with the payments reconciled to the distribution. You choose at scoping, and the platform never holds the funds.
Exit
Selling or refinancing pays out in a different order it is not a big month of rent. Proceeds come in, the lender holding a charge over the property is repaid first, then the costs of the sale and the rest is split between holders by what each holds. Then the tokens are burned(destroyed), because the thing they were a share of has been sold. A live token for an asset that no longer exists is a problem you do not want in your register.
Onboarding Investors Who Have Never Bought a Security
A property offering attracts people who have bought a flat and never bought an instrument. The onboarding has to survive that, because every investor who gives up at a verification step is a ticket you no longer sell.
From then on every transfer is checked for eligibility, jurisdiction, sanctions status, active lock-up before it settles. So an ineligible holder is blocked rather than detected later.
Verification runs once through your KYC provider and the verified wallet is written to an on-chain identity registry.
There is no manual review queue. What works at twenty investors does not work at two hundred, and the compliance surface grows with each one you add by hand.
Two things property specifically forces:
Small tickets, many holders, many jurisdictions
The minimum ticket and the number of holders have to be set against your ceiling. A very low minimum on a raise with a headcount limit is an arithmetic problem before it is a growth story.
Long holds need live claims.
A ten-year building outlives a KYC check. Claims expire, re-verification is scheduled, and wallets are re-screened against live sanctions lists for the whole life of the asset.
The Property Type You Have Changes the Build
Property types earn income in different ways, and that changes the build.
Hotels and hospitality
Earns operating revenue, not rent. It's seasonal, priced daily and depends on how the property is run. Making the distributions variable in a way a lease income not. It raises a structural question about whether investors are backing an asset or a business. Worth settling early, because the answer changes which build you need.
Residential, mixed-use and multi-let commercial are the default shape the sections above describe.
What You Can Raise
The ceiling depends on the jurisdiction you raise.
In the EU, on your own non-passported offering, it is
€12 million over 12 months with no prospectus
that's lower on a crowdfunding platform.
Which route applies to you, and what it changes: EU regime and prospectus route · US regime, Reg D and Reg S · or start at the pillar for the full picture: RWA tokenization development
Token and register
On-chain ownership of the SPV interest, updated on every transfer, personal data off-chain.
Compliance rules
Eligibility, jurisdiction blocks and lock-ups enforced in-contract, added or disabled without a rewrite.
Appraisal feed
Your valuer's figure posted on-chain at your cadence, with quorum and a deviation guard.
Rent waterfall
Gross-to-net encoded — charges, fees, tax, reserve, void months — paid on a fixed record date.
Capital-event waterfall
Sale or refinance: rank order, pro-rata distribution, tokens burned.
Investor portal
Self-service subscription, document vault, position and distribution history, in your brand.
Issuer dashboard
Holder register, onboarding status, distributions, corporate actions.
Security audit
Our internal review on every contract, plus an independent third-party audit where your offering or your board requires one. We arrange it with a firm that did not write the code, and manage the remediation.
The codebase
Yours own it. We deploy it to your own infrastructure with no licence fee and nothing to renew or rent back.
How a Real Estate STO Development Company Runs the Build
Compliance specification. Before any code, you and your counsel approve one specification covering who holds title, any mortgage or charge, your SPV documents and your offering route.
Contracts and compliance engine. The Token, register, transfer rules and both waterfalls are built against that specification.
Portal and dashboard. Investor and issuer interfaces, wired to the KYC provider you already use.
Audit and handover. We run our internal security review first. Where your offering needs one, we then arrange an independent third-party audit with a firm that did not build the platform. Findings remediated and re-tested, mainnet deployment, and the codebase handed to you.
The full engagement shape is on the pillar page .
What Property Owners Ask Us
“
Our building is mortgaged. Is this even possible?
Our answer
Usually, but the lender ranks ahead of your holders and the waterfall must say so.
Check your facility for consent and change-of-control terms first. That is a conversation with your lender before it is a build.
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Is There Real Demand for Tokenized Real Estate?
Investors are interested, and property is near the top of their list.
In EY-Parthenon's survey of 78 institutional investors, 65% expected to allocate to tokenized assets by 2026, and they named real estate and private equity first.
- In the Coinbase and EY-Parthenon 2026 survey of 351 institutions, 63% were interested in allocating.
- Deloitte's Digital dividends (April 2025) projects $4 trillion of real estate tokenized by 2035.
- That is a projection, so do not plan a raise around it.
What has actually been issued is small.
On public-chain trackers, tokenized real estate is in the low hundreds of millions, under 1% of tokenized real-world assets, against roughly $15.7bn in tokenized Treasuries.
- Deloitte's 2024 baseline is under $0.3 trillion, far above that, because the two count different things.
- Treat any single market-size figure with suspicion, including one we show you.
Investors raise the same warning we do.
In the 2026 survey, 38% cited insufficient secondary liquidity as a hurdle, the same point the exit section above makes.
What this means for you?
The capital is interested and the supply is thin. That is a reason to be early and to size your first raise conservatively.
It is not a promise that your building will fill.
Real Estate Tokenization Development Company: Two Property Builds We Have Delivered
A UK real estate investment firm, FCA Appointed Representative framework.
They were doing the investor checks correctly and doing them by hand, 3 to 10 business days per investor, with the register reconciled periodically rather than continuously. We encoded their existing framework rather than replacing it. And the eligibility review fell to 15–30 minutes, on-chain compliance violations to zero, manual reconciliation eliminated, and zero incidents across the first six months live.
Investor eligibility review3 to 10 business days per investor15–30 minutes
On-chain compliance violationsZero
Register reconciliationPeriodic, by handManual reconciliation eliminated
Incidents, first six months liveZero
The smart contracts enforced investor eligibility checks we'd have otherwise managed manually. It's been running for two quarters now with no issues.
DIVAC LLC — A portfolio of income-generating Florida vacation properties, held through dedicated SPVs.
They arrived with a token already built by an online generator, on a standard with no native compliance controls. So the rules the offering depended on could not be enforced at all. We rebuilt it to hold a five-year transfer lock-up, eligibility checked on every transfer against an on-chain identity registry, continuous KYC with annual refresh, and seven legal documents attached to the token contract itself. Offering memorandum, subscription agreement, operating agreement, property appraisal and the rest. So investors and regulators pull them from the chain rather than a data room.
Transfer lock-upNo native compliance controlsFive-year
EligibilityChecked on every transfer
KYCContinuous, annual refresh
Legal documents on the token contractSeven
Short-let and vacation property is a shape we have shipped.
How We Prove It Works
Before launch we run the scenarios that decide whether a property platform is safe to open:
- An unverified wallet receiving tokens
- A transfer during an active lock-up
- A holder whose KYC claim expired mid-hold
- Rent distributed with zero rounding error across 50, 500 and 5,000 holders
- A distribution that cannot cover the holder set refusing to open
- An outlier appraisal halting instead of posting
As a real estate tokenization development company, we have delivered across the EU, the UK and the US. The two property builds above are published in full. On the call we read the architecture, audit methodology and test evidence against your title position, your charge and your documents.
We are ISO/IEC 27001 certified
The certification covers what you hand us during the build: title documents, SPV papers, source code and deployment credentials. It does not extend to your investors, because their records never come to us. The register and identity data stay on your infrastructure, so when an investor asks who holds their ID documents, the answer is you.
Real estate STO smart contract audit
If another developer wrote your contracts, we audit them independently and price it separately: 17+ delivered for other teams. Beyond exploitability, we check whether the rent waterfall deducts in the order your documents say, whether a prior charge ranks where it should, whether a stale appraisal can reach a distribution, and whether an ineligible holder can receive a transfer. A clean security report on a contract that pays the wrong people is still a failed platform.
Before you hire any real estate STO development company, including us, ask to see two things: a past audit report, and a deployment that is live. A vendor with neither is asking you to fund a first attempt on your own building.
Download the Audit ReportThe Real Estate Tokenization Tech Stack We Build On
Each layer is chosen with you at scoping, against your existing systems and your data-residency and resilience requirements.
01Frontend and Backend
02Database
or the database you already run03Blockchain Networks
Chain-agnostic: public EVM, non-EVM or a permissioned ledger, chosen at scoping04Smart Contract Languages
Solidity and Vyper on EVM chains, Rust on non-EVM chains05Blockchain Dev Tools
06Valuation feeds
Signed by your administrator/valuation function, or by Chainlink where an external source is needed07KYC / Compliance Integration
08Cloud Infrastructure
or your own estate where data residency requires it
Tokenize the Building You Already Own
Bring the property, the title position and any charge over it. We will tell you what the structure has to enforce.
FAQs
01Do my investors own part of the building?
They own an interest in the vehicle that holds the building, or in some structures a claim on its rent. That distinction is not a technicality. It decides what they recover and in what order, and it belongs in your offering documents in plain words. We encode whichever structure your counsel settles on.
02The property has a mortgage on it. Can we still tokenize?
Usually, but the lender's charge ranks ahead of your holders and the waterfall has to say so. Check your facility terms too: many contain consent or change-of-control provisions that a tokenized raise can trip. That is a conversation with your lender and your counsel before it is a build.
03How is the property valued once it is tokenized?
By periodic appraisal from a named source, posted on-chain at a cadence you set, with the date visible. Between appraisals the last published figure stands. We do not simulate a live price for an illiquid asset, and an appraisal that deviates beyond your tolerance halts rather than posting.
04What happens in a month with no rent?
Nothing is distributed, and the platform says so rather than going quiet. Void periods are modelled in the waterfall from the start, and for seasonal property we build a reserve or smoothing rule so a cadence you have promised investors survives the off-season.
05What does a property build cost, and what changes it?
A price range would not fit your building, so we give one after five answers: whether the SPV exists, whether a charge sits over the title (it changes the waterfall and may need lender consent), whether you have a named valuer, whether an agent already manages the rent, and how many holders you expect. Four are about your property, not our software. Bring them to the call and you leave with a scope and a price. The pillar page sets has the full driver list (/solutions/rwa-tokenization).
06Can investors sell before the property is sold?
After any lock-up, yes, to other verified holders, cleared through the same compliance engine. That is the main thing fractionalisation buys an investor in an asset class where exit normally means waiting for the owner to sell. It is not a liquid market, and it should not be described as one.
