Each Syndikat project is a Haus-GmbH with €25,000 share capital (insufficient alone), topped by Direktkredite — private subordinated loans at 0–3% that banks accept as an equity substitute. A Solidarity Fund (buying projects pay 10c/m²/month) seeds new projects.
Direktkredit / Nachrangdarlehen is the dominant grassroots capital channel — NOT commercial crowd platforms (the ~39% tranche of the capital stack). Prospectus avoidance under VermAnlG runs on the Bagatellgrenze (§2): ≤€100k or ≤20 loans per 12 months per interest-rate tier. Regulatory frame: §34f GewO, §2a VermAnlG, FinVermV, EU ECSP Reg 2020/1503.
Open question (not a fact): which commercial crowdinvesting platforms actually fund co-ops is unestablished — Direktkredit is the verified channel.
Related
- syndikat-haus-gmbh — the borrower entity that raises the Direktkredite
- gls-bank-financing — the senior bank tranche stacked above