Weather Realistic weathermid-term occupancy 96%commercial occupancy 96%commercial fee 95% of marketoperator fee 7% of rentOnly the market changes — your design dials stay. Optimistic weatherconversion cost −15%mid-term occupancy 98%commercial occupancy 98%commercial fee 100% of marketrent growth 3.5%/yrarrears/bad debt 1%member mobility 60%Only the market changes — your design dials stay. Stress test weatherconversion cost +8%mid-term occupancy 85%commercial occupancy 85%commercial fee 85% of marketrent growth 1%/yrarrears/bad debt 3%operator fee 8% of rent4-yr buildOnly the market changes — your design dials stay.
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The business model
One bankable building is the unit of the whole system. This tab asks the next question: does the organisation that delivers them — building after building — stay solvent? The model is four parties — EHC that originates + guards the mission (and runs the digital platform in-house), the EHC Fund that provides patient capital, plus the per-building resident co-op (owner) and local operatorsthat build & run it — here rolled up across a growing pan-European pipeline of 62 cities over 60 years. Every converted building has an engine room — the mid-term serviced flats + the commercial ground floor, filled from the member pool. That engine room throws off a margin which, with membership dues, the platform fee and booking fees, funds the organisation. Projects take 5 years to open, so it runs a deficit early — bridged by patient capital — then becomes self-funding. (Pick the cities and watch the rollout on the Where to grow tab.)
How this pan-European blend is built: the projection spans 100 cities across 26 countries, each modelled on its own economics — 79 on real local rents & costs (the curated cities, capitals and beyond), and 21 on country-typical economics where no local data exists yet. How deep the network goes scales with market size, so the mix isn't one city repeated — it's a genuine blend across Europe's cheaper and dearer markets.
New here? Key terms
The four parties — EHC (originates + guards the mission via a golden share; holds control, not the building — and runs the digital platform in-house: a small booking fee + external clients), the EHC Fund (provides patient capital for a capped return), the resident co-op (the long-term residents — they own the SPV and pay cost-rent), and the local operators (a strong local partner that builds & runs each building for a fee). The two network entities each have their own honest P&L; the resident co-op + operators sit inside each building. (You'll sometimes see more bars than parties on verdicts: the resident co-op spans two member tiers, and the lender's DSCR gate is a bar but not a party.)
SPV — a per-building special-purpose vehicle that holds the title and the ring-fenced, non-recourse debt for that one building, so a problem at one project can't spread to the others. The resident co-op owns it; the EHC holds a golden share.
Engine room — the mid-term serviced flats + commercial ground floor; its surplus funds the network (the Fund return, the EHC platform fee, the reserve) and recycles through the Surplus Pool into the equity of the next buildings, displacing outside impact capital. (The long-term homes pay full cost-rent — they don't need cross-subsidising. That recycled capital only reaches a household's buy-in where Entry relief from the Surplus Pool is switched on — see the Single-project tab's equity mix.)
Patient capital — long-horizon, low-return impact investment raised at the building level (mostly third-party impact investors, plus EHC's own member-funded slice) to fund the developments. Bought out and replaced by member equity over time. Not a grant, and not income.
Operating EBITDA — the organisation's annual operating result: revenue minus running cost, before any capital flows. (EBITDA = earnings before interest, tax, depreciation & amortisation.)
Self-funding — the year the external impact capital that funds the buildings is fully bought out and displaced by member equity, so the network funds itself (fully member-owned). Comes after EHC has recovered its own, far smaller, fronted cash.
Cohort — the members a building anchors locally (its residents + a local waiting-list), on top of the organic continental pool.
FTE — one full-time-equivalent member of staff (the team is sized in FTEs). BD = business development (entering a new city). Running cost / opex = the organisation's ongoing operating expenses.
Homes & members (yr 60) 27,632homes · 138,550 members
Self-funding (member-owned) Yr 41external impact retired · operating profit from yr 2
Footprint (yr 60) 62 cities≈ 20 countries · 377 buildings live
Patient capital needed €246Mpeak external impact equity, bought out as members take over
How the money moves
Four parties around one building's SPV— the financial hub that all building income flows through and all the bills are paid from. Two rental inflows feed it from below: the owner co-op's cost-rent and the mid-term residents' serviced-flat rent (the engine room that generates the surplus). Follow the arrows: the value is on each wire, so every figure appears once. These are the same four parties you met on the Single-project tab — now at network scale.
Per representative building. Hover a party to find it in the breakdowns below.
Resident Co-Op → Building (SPV)
cost-rent €685k/yr (the full cost of the long-term homes; the owner co-op)
Resident Co-Op → Building (SPV)
€2.9M patient equity stake (one-off; the owners' own skin in the game, alongside the Fund)
Mid-term residents → Building (SPV)
€348k/yr serviced-flat rent (the engine room; paid by the mid-term residents — members of the community for their stay — not the owner co-op)
Resident Co-Op ↔ Building
owns + controls the SPV (with EHC's golden share)
EHC → EHC Fund
commits a deployable slice of pooled member coop-share capital as its own equity into the Fund, and anchors/stewards it (a network-level relationship — the € is in the Funding landscape, not per-building)
EHC Fund → Building
€3.4M patient equity stake (one-off)
Building → EHC Fund
€118k/yr capped return (incl. the homes' equity return)
EHC → Building
golden-share veto (mission lock, no cash)
Building → EHC
€33k/yr platform fee + €254k one-off origination
Building → Local partner
€84k/yr run fee + €628k one-off build margin (one partner builds & runs the building)
Ground-floor operator → Building
€161k/yr commercial lease (a separate ground-floor specialist runs + shares event revenue)
Members & companies → EHC
€10k/yr booking fee on mid-term stays & event bookings (member-paid; a small transactional fee that mainly covers payment-processing costs — never touches the SPV)
The four parties, side by side
Not one balance sheet — four distinct parties. Two are the pan-European network with an honest operating P&L (scrub the timeline to watch them build to year 60): the EHC runs near cost-recovery on dues + a platform fee (it builds + runs the digital platform in-house); the EHC Fund is a capital flow-of-funds (its return lives in each building, not here). The other two sit inside each building: the resident co-op owns it and pays cost-rent, and local operatorsbuild & run it for a fee.
Year 60 (mature)
The pan-European network — one P&L each, year 60 (mature)
EHCOriginates + guards
Revenue€144M/yr
Individual membership fees€66M
Company membership fees€16M
Platform fees for local projects€41M
Booking fees for temporary stays and events€14M
Origination fees for a new project€6.1M
Cost€56M/yr
Leadership & central€7.0M
Country & city teams€4.8M
Project & asset team€4.0M
Member, community & growth€12M
Technology team€2.5M
Non-staff opex€9.9M
Marketing media & campaigns€2.2M
Member community & solidarity pool€13M
Operating net€88M/yr
→ Earmarked as patient capital for the Fund€88M/yr
Retained surplus (reserve)€0/yr
≈ 125 FTE
The mission guardian. It runs a real central team — leadership, country & city, projects, member/community/growth and technology, with finance/legal, governance, advocacy and impact folded into leadership — sized bottom-up (125 FTE here). Its €88M/yr operating surplus isn’t pocketed as profit: 100% is earmarked as patient capital for the Fund (what makes the network self-financing), leaving €0/yr retained as reserve.
EHC FundFunds (capital)
Standing book (AUM)€494M
EHC’s own equity (member coop capital)€154M
External impact investors€0
Surplus Pool (Replicate)€340M
Recycled to date€24M
Capital flowyear 60
Equity into SPVs (this yr)€4.0M
Repaid by SPVs (this yr)€3.2M
Net impact raised (this yr)€0
Capped return to LPs€0
LP return €0 here by design: by year 60 the external impact investors have been bought out entirely — the standing book is now internal capital (member coop shares + the Surplus Pool from paid-off buildings), with no external coupon left to pay. Scrub to an earlier year to see the LP return while outside capital is still working.
Not an operating business — a flow-of-funds. Members and companies hold their coop shares in the EHC; the EHC commits a deployable slice of that capital — as its own equity, alongside impact capital — into the Fund, which deploys patient equity into the SPVs. No member shareholding ever moves between entities. Its return is the capped, bond-like one above, paid from each building’s cost-rent (the homes’ equity return) — see the Funding landscape for the full picture.
The local building — one representative building, paid from the SPV (year 60)
Resident Co-OpOwns + lives in
Discount vs market66% cheaper
Year 60 vs market rent−66%
vs year 1 (8%)+58 pts
Pays (cost-rent)€685k/yr
Cost-rent (full cost)€685k/yr
The long-term residents. They own and control the SPV (a golden share keeps the homes mission-locked), pay cost-rent — by design ≈ cost-recovery, no margin — and contribute ~2h/month of sweat equity. Their return is the widening discount above — from 8% in year 1 to 66% by year 60 — not a profit. The SPV they own also runs the engine room (mid-term flats + ground floor) — that surplus stays in the building system and funds the network + the equity of the next EHC buildings (see How the money moves above).
Local operatorsBuild & operate
Earn (fees)€84k/yr
Building mgmt fee€84k/yr
Build margin (one-off)€628k
A strong local partner in each city builds & runs the building for a fee — the EHC never becomes the developer everywhere. A separate ground-floor operator leases the commercial floor from the SPV (≈ €161k/yr) and shares event revenue, so it’s incentivised to keep the space alive. No speculative upside (the lock removes it).
Consolidated network — the two pan-European entities as one group, year 60 (mature)
Revenue €144M/yrCost €56M/yrEBITDA €88M/yr
EHC and Fund nets add up to the group EBITDA. EHC runs the digital platform in-house (its technology team is a cost line, not a separate company), and membership dues net to roughly cost-recovery, so the group margin reflects the housing economics — not a high-margin business. The asset-management fee (Fund → EHC) is an internal transfer and nets out here. The resident co-op and local operators sitinside each building’s SPV, so they’re shown apart, above.
Shape income with the membership levers and cost with the org-teamlevers below — and see the headcount behind the EHC's cost — including its in-house technology team — in The team behind it. Illustrative, not a forecast.
The ecosystem EHC creates
EHC deliberately never becomes the developer everywhere — it stays lean and hands the build-and-run work to strong local partners in each city. Across the whole pipeline that adds up to a real local economy: one-off build margins to local developers and ongoing management fees to building operators. Each ground floor also seeds a local business (a café, shop or workshop) — its rent flows back to the residents, so it is a benefit but not counted here. None of these is EHC or Fund income — it is business the network creates, not captures.
Total to local partners (yr 60) €2.2Bacross 377 buildings, 62 cities
Build margins to local developers €395Mone-off, earned as each building completes
Management fees at maturity €94M/yr€1.8B lifetime, growing with the portfolio
Annual flow stacked on the left; the cumulative total handed to local partners runs on the right axis. None of this is EHC or Fund income — it is business the network creates for the local economy.
A feature, not a cost: every euro here is a strong local partner with a real stake in keeping the building alive. Illustrative, not a forecast.
The Fund: ownership, pooling & a framework facility
The capital side of the model. The asset engine (the PropCo/fund that owns and funds the buildings, bond-like) and the platform engine(the OpCo earning fees, venture-like) earn very differently over time — and the Fund's equity is real ownership: a capped, patient, first-loss stake that is bought out over each building's life, ownership passing to the residents while the EHC co-op keeps a ~10% mission anchor. Across the portfolio the Fund pools that equity and can warehouse a standing book, which is what makes a cheaper, fund-level framework facility bankable.
Two engines, side by side
Span
Asset engine (Fund) Network engine (EHC)
The asset engine is patient and bond-like — the Fund's capped coupon as first-loss owner of the buildings, net of asset management; the network engine is EHC's operating side (the platform fee + booking & matching, less the team — including the in-house technology team that builds the digital platform), which scales with the network. Impact capital backs the Pan-European asset fund above; the network sits inside the member-owned co-op.
From investor to resident: the exit glide
The Fund's equity into each SPV is a partial, economicownership stake — a capped return, never control (the EHC's golden share holds that, with no economic claim). It is not evergreen: over the building's life the external impact investors are bought out, the EHC co-op settles at its ~10% mission anchor, and the residents' local co-op accretes the rest to become the majority owner. A single building can't hand an investor cash on demand, though — so the liquidity sits at the Fund, as a revolving redemption queue across the whole portfolio: once the first cohort's lock-up ends (year 11), an investor wanting out is redeemed from pooled cash — fresh investor inflows, building buy-out proceeds and reserves — and the Fund warehouses the share until a resident or the EHC takes it. Across the portfolio:
€365Mpeak external book to redeem (year 46)
€728Mprincipal returned to investors over the horizon
€0standing facility to guarantee on-demand exits
Self-fundingfresh inflows alone fund the exits
In a growing network the new money funding the next cohort covers the investors exiting earlier ones — so the revolve is largely self-funding, and the facility the Fund must pre-commit is a fraction of the €365Mbook. The per-building trajectory is the “Over its lifetime → Who owns the building” glide on the Single-project tab; here it is pooled into liquidity an investor can actually call on.
A standing book for cheaper financing
Buying the investors out (above) frees the Fund's capital to recycle into the next building — maximum velocity, but nothing left standing. The strategic dial here is how much of that recycled equity the Fund instead keeps permanently across the portfolio: a thin, diversified, mission-anchored book that sits as first-loss collateral beneath a single fund-level framework facility(below), so the whole network borrows cheaper than fifty buildings financed one at a time. It is the portfolio counterpart of the EHC's per-building mission anchor — held, and pooled, through the Fund. By default the Fund runs pure-revolving (no standing book); dial it up to trade some capital velocity for cheaper, repeat bankability.
Hybrid — a thin 10% is kept in every building forever (mission lock + a real standing book), and the bulk revolves into the next cohort.
€3kkept as standing book per building (the mission-anchor slice)
€27krecycled into the next building (bought out per the glide)
€16Mpeak standing equity book (year 60)
Standing book the Fund retains10%
The share of each project's Fund equity the Fund keeps permanently as portfolio collateral, rather than recycling it once the investors are bought out. 0% (default) = pure revolving — recycle everything for maximum velocity, no standing book; 100% = pure evergreen (hold every stake forever); a thin slice (~10%) builds the diversified standing book the framework facility below prices off, while the bulk still recycles into the next cohort. The per-building 10% mission anchor is set separately by the ownership glide, not by this lever.
Pool the asset fund across buildings
Model the pooled asset fund
Pools the external patient equity across many buildings. The per-building debt is never pooled (it stays ring-fenced); pooling the equity is what compresses the loss tail and lets a senior tranche be protected.
Turn on pooling to see the tranche structure, the tail risk it removes, and the diversification levers.
Framework facility: bankability from the standing book
Model the fund-level framework facility
A framework facility is underwritten on the POOL of buildings, not one. The permanent-minority stakes build a standing, diversified equity book that sits as first-loss beneath a single senior facility — so it prices tighter than 50 standalone loans. Each building's debt stays ring-fenced + non-recourse; only the equity book is pooled.
Turn this on to size the fund-level facility the standing equity book supports, and the spread it saves versus financing 50 buildings one at a time.
Does it stay solvent?
The funding journey. While it builds its pipeline the organisation runs a deficit, bridged by patient capital, then climbs back to self-funding. The cumulative curve (left) is the headline; the delivery pace (right) is what drives it.
① Operating break-evenYear 2annual revenue covers the running costs
② EHC's own capital recoveredYear 19EHC's own fronted cash earned back
③ Self-funding (member-owned)Year 41external impact capital fully retired
These are three different milestones. The organisation turns an operating profit (year 2) long before it recovers its own fronted cash (year 19) — and both come long before the network is fully self-funding (year 41), when the €246M peak of external impact capital that funds the buildings has been bought out and replaced by member equity. The buildings are impact-funded first, member-owned in the end.
The road to self-funding
Span
EHC operating cash Cash position (incl. capital) Net of member capital Cumulative EBITDA
All four lines are CUMULATIVE (running totals from year 1), not a single year. Cumulative EBITDAis the whole network's operating result added up (EHC, incl. its in-house digital platform) — so it's deeper than any one year's P&L card, which shows that single year for one entity. It ignores the patient capital EHC fronts into projects; the cash position is the real gap patient capital must bridge. The member-capital flywheel funds part of it — the gap between the two cash lines. The Operating profit / yr marker is the first year the single-year operating result turns positive; the cumulative EBITDA line clears zero a little later, once the early years' accumulated losses have been earned back. The EHC operating cash line is a separate account — the org’s liquid reserve (founding-member coop shares + operating surplus, before any is invested into buildings). It stays positive whenever the org is funded, so the negative cash position is building investment, not the organisation running short.
The pipeline
Span
Operational Under development Active cities Active countries
Per project: €30k EHC capital, €33k/yr margin, 73 homes.
The buildings are funded with patient equity raised at the SPV level. At peak the Fund mobilises €246M of external impact capital (third-party impact investors + tokenised community) — the real outside raise, growing with the pipeline. The member coop-share flywheel then buys it out and displaces it, so by year 41 the external book is fully retired and the network is member-owned and self-funding. EHC's OWN capital is a separate, far smaller line: it fronts only €1.2M of its own (members cover it), and that recovers in year 19; operating EBITDA turns positive far earlier, in year 2. Crucially, that dip is building investment, not the organisation running short: the EHC operating cash line (founding-member coop shares + operating surplus, before any is deployed into buildings) never goes negative — the co-op stays liquid from day one.
Tune: rollout pace & depth
How fast and how deep the network grows — these drive everything on this tab: the pipeline, the membership cohort and the team. Starting countries (3) and the rollout map are chosen on Where to grow.
Max cities per country5
Caps how many of a country's cities the rollout opens — its highest pilot-readiness cities first — so no single strong country (e.g. Germany) dominates the expansion. The SAME cap sets the ‘Where to grow’ campaign field, so the pilot shortlist and this rollout stay aligned.
New cities / year (breadth)1.0
Max cities100
Projects / city / year — early (depth)1.00
Per active city — roughly how many projects a YOUNG org starts in each city a year. It’s capped by ‘Max projects per city’ below, so this only sets how FAST a city fills up to that ceiling, not how big it ends up. As the org matures it lifts above this via the ramp below. To grow the network’s total throughput, raise ‘New cities / year’ or ‘Max projects per city’.≈ 3 projects started network-wide in year 1 (your 3 starting cities at this pace) — it climbs as new cities open and the org matures.
Depth ramp at maturity (×)1.3×
As the org gains local partners, templated delivery, capital and a track record, it originates MORE projects per city than a green one — the depth analogue of the accelerating city-opening. 1.0× = flat (the early rate never rises). 1.8× = a mature org starts 80% more projects per city than at launch.climbs from 1.0 to 1.3 projects/city/yr over 20 years.
Depth ramp years20 yrs
How long the org takes to grow from its early projects-per-city rate to the mature multiple above (linear ramp).
Max projects per city20
The CEILING a city can reach — and the biggest cities do reach it. Each city's own cap scales with its POPULATION, so big markets deepen all the way to this while smaller ones open proportionally fewer (Paris ≫ Lisbon). Raise it — or ‘New cities / year’ — to grow the network’s total throughput.
Development lag (origination → handover)5 yrs
Years from starting a project to it opening, used to pace the rollout's funding curve. This is the ORGANISATION-level lag (sourcing the office, structuring capital, then building) — distinct from a single project's 'Construction time' lever.
Capital payback period35 yrs
Where the Fund's capital comes from
Span
Impact investors Surplus Pool (Replicate) EHC own (patient)
“EHC own” here = what EHC's balance sheet actually funds. With the first-stake guarantee on (membership levers above), the deployable founding-member coop capital is ring-fenced for these stakes — so EHC holds a real first-loss slice from project #1 (every member a micro-shareholder of every building), and impact investors carry the rest of the pilot-years Fund. The trade-off shows in the operating-cash line: the founding pool must carry the staff burn alone. EHC's own share grows as fee revenue covers staff; a portfolio-backed framework loan (the only EHC debt) substitutes for impact capital later, once there is a standing equity book to lend against. Community equity appears only when its toggle is on. Above all, each building buys its own impact investors out from its surplus over the lock-up + redemption window — so external capital winds down on the buy-out clock, not a slow payback. Once a building has cleared its investors, its surplus flows on through the Surplus Pool (Replicate) into the next building's equity — by year 60 €340M of the Fund is this free, recycled internal capital, squeezing external impact investors out: the self-financing flywheel closing (tune how much of the post-buy-out surplus revolves with “Surplus Pool → Fund”below; set the residents' Reward share on the Single-project tab, “Where the engine-room spare goes”). With cohort phasingon, each project's EHC-own share is set by the phase it was started in — the first cohorts are impact-funded pilots, later cohorts scale to a higher EHC-own share, so the whole-portfolio mix shifts from impact toward EHC as the network matures.
You own a door handle.EHC's own stakes are member capital at work: by year 60, one individual member's €400 coop share translates into a look-through stake of ≈ €998 across the portfolio — about €3 of every one of the 377 buildings. Tiny per door handle, real in governance: every member co-owns the co-op that holds a first-loss slice of every project the network gives birth to.
Show the year-by-year cash mechanics
Operating EBITDA is only half the story. EHC also fronts patient capital into every project years before it earns from it — and recovers it on payback. The capital-out bars early on are what drive the deep trough the EBITDA curve hides.
Span
Bars = annual cash in/out (left axis); lines = cumulative position (right axis) — hover a series for what it is. The early capital-out bars drive the deep trough; rising EBITDA + repayments pull it back up.
Tune: EHC's capital role (investor ↔ orchestrator)
EHC-held engine equity1%
Cohort phasing is ON, so EHC’s share of each project is set by the “Fund-source phasing” sliders below (pilot → scaling → mature) — this manual dial has no effect. Turn “Phase the Fund mix by cohort” off to set a single share by hand.
EHC origination fee2.0%
An OPTIONAL one-off fee the EHC earns at handover for orchestrating the capital + templates (% of the development cost). The LOCAL cooperative is the lead developer and earns the main development margin (set on the Single-project tab); this is the EHC's smaller platform cut. Default 0 — the EHC mainly earns via the engine-room return + operating margin.
Per project, EHC fronts €30k of equity · external impact investors hold €3.0M · EHC earns a €254k development fee at handover. As a platform, EHC fronts less capital — watch the cash trough above lift.
The membership base
Membership is the organisation'seconomics, not a single building's. It starts as the founding pool — the members who join to start the co-op across its first cities — and that pool is the year-one floor. Membership then leads the pipeline: a project only enters development once its local cohort has committed their co-op shares, so every scheme under way already carries its committed members (future residents plus the waiting-list associates who sign up while it's built). Those cohorts absorbthe founding members who sourced the first pilots (so the same people are never counted twice), and once the pipeline's committed cohorts outgrow the founding pool the base grows with the portfolio. Member companies bring their staff in on top, and only companies grow on their own continental curve.
Span
Individual members (left) Company members (right)
Independent axes — each ~10× apart in scale — so both growth curves are legible. Tooltip shows the true totals.
By year 60: 138,550 members — 137,539 individuals (31,086 anchored in a home · 106,452 local associates · 0 founding pool not yet in a project · 0 via member companies) and 1,012 companies → €83M/yrin dues. The org's central functions are a real, bottom-up team in the P&L above (leadership & central, country & city, project & asset, member/community/growth and technology), and its operating surplus is earmarked as patient capital for the Fund — so the co-op nets near cost-recovery while the surplus does mission work, rather than being hidden as a dues plug. Members hold €62M of coop shares in the EHC; the EHC commits €154M of that — as its own equity into the EHC Fund — to engine-room equity (the rest is kept as a redemption-liquidity buffer), leaving €0 of external patient capital outstanding. As membership grows, the EHC needs less outside capital per project — the self-financing flywheel.
Housing access (yr 60): the three tiers can serve ~319,430 member placements/yr — 1,658 long-term · 13,816 mid-term landing-pad · 303,956 short-term exchange stays (from 1,215,825 points-based exchange nights, no fee). Against 34,385 members seeking a slot that's an access ratio of 929% (capacity ahead of demand). The short-term exchange is what lets the pool exceed the unit count.
Tune: membership growth, dues & housing access
Per project (local cohort)
Associate members / home4.5
The members each project anchors on top of the residents it houses — its waiting list and future residents: supporters who've joined EHC, people waiting for a long-term home, and those already signed up to this development while it's under construction. Each member sits with one project at a time, and it's the same base the mid-term flats draw on — early joiners also get priority on the next long-term home that opens if they move city. Derived cohort: 330/project (82 housed + 247 associates) — it scales with building size on the Single-project tab.
Mid-term residents count too — just not here. The ~27 adults in the serviced flats at any one time are existing members drawn from the pan-European pool on a mobility stay (already counted as individuals/associates of their home project), so the building serves ~55 mid-term member-stays a year as they turn over rather than recruiting a separate cohort. Their money reaches the model through the serviced rent + booking fee, not new dues — see the housing-access line above.
Continental base
Founding individuals · at launch1,000
The founding member cohort that seeds the operating reserve — set it with the slider above. The plan is to organise city-by-city: each city recruits towards a local member target, and a city that reaches it becomes a pilot whose members help source the first building together. It's RISK-FREE to join early — coop shares are only collected once the first few cities have each hit that target, so a wide founding base carries no individual financial risk before the model is proven. The base then grows on its own with operational projects and member-company staff.
Companies · year 1100
Suppliers, build-tech, architecture / planning offices, RE consultancies, housing-law firms — they join the organisation, not a single city, and can come from anywhere in the EU. Set the founding cohort with the slider above; each contributes a coop share scaled to its size (see 'Company coop share' below), and — like individuals — only pays in once the first few cities have each hit their member target. Companies are the one base that grows independently of the project pipeline.
Companies · growth/yr4%
Employees per member company0
Each company brings staff in as full self-paid individual members — the 'via companies' channel folded into the individual base.
How fast the pipeline (and so the per-project cohort) scales is set by the rollout levers on the Expansion tab.
Dues, shares & the capital loop
Individual annual fee€150
Company annual fee€5,000
Individual coop share (one-off)€400
The one-off share each member buys to join/form the coop — the model uses a single blended average across the founding base, set with the slider above. At this early, pre-pilot stage the offering is mostly the movement and the promise, so members choose what they can: a low, flexible buy-in keeps it accessible and broadens the founding base. Collected only once the first few cities have each hit their member target (risk-free until proven).
Company coop share (one-off)€6,500
The one-off share a founding company buys, set with the slider above. Companies self-select by size — a good rule of thumb is employee headcount: a one-person firm pays a modest share, rising in steps to a substantial commitment from a large enterprise. The model uses a single blended average across many small, several mid-sized and a few large founders.
Member capital deployable as equity80%
Share of the coop-share capital the EHC commits — as its own equity into the EHC Fund — to engine-room equity. The rest is kept as a redemption-liquidity buffer (members can give notice and redeem their shares), which is why a co-op can never deploy 100%.
Surplus Pool → Fund (the flywheel)100%
Share of each building's POST-BUY-OUT free surplus recycled into the Fund as the next building's equity — the self-financing flywheel. A building first repays its own impact investors from its surplus (Repay); ONLY once they're cleared does its surplus flow on to fund new buildings (Replicate), displacing fresh external capital. At 100% the whole Surplus Pool revolves; at 0% it stays in the building and never sources the Fund (legacy). Tune down to leave more in each building's own reserves.
First-stake guarantee (members own project #1)
ON (default): the deployable member coop-share capital is RING-FENCED for EHC's own Fund stakes — it buys the pilot first-loss slice even while the org still runs at a loss, so every member is a real micro-shareholder of every building from the very first pilot ('you own a door handle'). The founding pool must then carry the operating burn alone — watch the founding-member readout below. OFF: strict runway-first — payroll and the operating reserve come first, stakes only from genuine surplus (pilot stakes ≈ impact-investor funded).
Founding-member capital · the operating reserve
The organisation's pre-fee reserve isn't a separate founders' round — it's the coop shares the founding members buy in year one: 1,000 individuals × €400 + 100 companies × €6,500 = €1.1Mon the books at launch. Tune the two “year 1” counts above and the per-tier coop shares below to size it.
✓ Reserve covers the runway.The org's own operating-cash line never dips below zero across the 60-year horizon — the founding cohort carries the organisation through the pre-fee pilot years.
Founding members earn rights, not a separate return. Founding companies get standing visibility on the platform as founding partners and first call as go-to development / supply partners; founding individuals get priority — first notified when a new development matches their needs, with first right to join it. The shares stay redeemable coop capital (the redemption buffer is set by the deployable-% lever above).
Fund-source phasing over the rollout
Pilot phase · EHC share1%
What the PILOT phase MEANS: EHC's own share of the Fund slug for an early-cohort project (the rest is impact investors). An editable model definition — applies to a Single-project Pilot AND to early cohorts in the phasing below.
Scaling phase · EHC share10%
What the SCALING phase MEANS: EHC's own share of the Fund slug for a mid-cohort project.
Mature phase · EHC share15%
What the MATURE phase MEANS: EHC's own share of the Fund slug for a late-cohort project — highest (incl. framework-loan-backed), so the impact slice is smallest.
Phase the Fund mix by cohort
ON (default): a project's EHC-OWN share of the Fund is set by the EHC life-phase it was STARTED in — early cohorts are impact-funded PILOTS (EHC a token first-loss holder), later cohorts SCALE to a higher EHC-own share. So EHC's share of the whole portfolio rises across the rollout. OFF: every project uses the single live phase set on the Single-project tab.
Scaling phase from yearyr 7
Projects started before this year are pilots (impact-funded, EHC token first-loss); from here they enter the scaling phase (more EHC-own).
Mature phase from yearyr 15
From this year, new projects enter the mature phase — EHC's own share is highest (incl. framework-loan-backed) and the impact slice smallest.
Community equity (enable)
An OPTIONAL, cheaper Fund layer raised from the community as tradeable member shares (a lower required return for liquidity + mission). Orthogonal to the Fund-source phase — toggle on to model it across ALL phases. Off by default while the approach is being evaluated. (Same dial as the Single-project tab — one setting, shown in both places; here as % of the slug, there as % of total equity.)
Housing access (the balance)
Share of members seeking a slot / yr25%
Many join for the network, the exchange option + the values — not a guaranteed placement each year.
Long-term turnover / yr8%
How often a long-term home frees up — low (homes are kept for years).
Exchange nights offered / resident / yr20 nights
Idle capacity residents lend while away (weekends, holidays) — the points-based home-exchange tier. No money changes hands.
Avg short-stay length4 nights
Mid-term reserved for company staff0%
Ring-fence part of the mid-term landing-pad capacity for company-nominated staff. Higher = a stronger staff-housing promise but less general capacity; 0% = staff compete in the general pool (first-come).
Resident headcounts come from the building-program occupancy levers on the Single-project tab (adults + children per unit).
The team behind it
Headcount built bottom-up from the drivers below: a fixed core, plus staff per active country, per active project, per ~2,500members, plus marketing, finance/legal, governance, advocacy and impact functions — the WHOLE central organisation, not just the field teams. Grouped into the same five clusters the P&L shows. The early years are capacity-constrained: the org starts as a 3-FTE founding team wearing every hat and can only grow as fast as it can hire & integrate (max 30%/yr), so the full functional structure phases in over the build-out. And those first few people spend their time where a founding team really does — out opening the first cities and sourcing the first buildings, not staffing a full central HQ (that builds up over the founding years). The launch band is front-loaded and fades as Europe fills up.
Span
Full-time-equivalent staff by driver — hover a band for what it is and what drives it. The launch/BD band fades as the expansion completes.
By year 60: ≈125 FTE — 29 leadership & central · 20 country & city · 17 project & asset · 49 member, community & growth · 10 technology → €56M/yr of running cost against €144M/yr of revenue (≈ €1.2M/FTE). Built bottom-up from headcount — every salaried function included. Crucially it grows sub-linearly: an economies-of-scale curve (2.00× productivity at maturity — templates, automation, self-service) means a mature-network FTE handles far more members & buildings than a year-1 pilot one, so central cost falls from 51% of revenue early to 39% at maturity. Illustrative, not a forecast.
Tune: the team & running cost
The build-out ramp (how fast the team may grow)
Founding team (year 1)3 FTE
The team that actually exists in year 1. Each year the org can be no bigger than this seed compounding at the max growth rate below — until the feasible hiring curve catches the driver-implied need (then the bottom-up drivers take over). In the lean years the founders wear all the hats, so every function below is a slice of their time. 0 switches the ramp off (the drivers staff in full from day one).
Max team growth30%/yr
How fast an organisation can realistically hire & integrate people — the hiring/onboarding/culture constraint. 35%/yr from a 3-FTE founding team reaches ≈10 FTE by year 5 and hands over to the bottom-up drivers after roughly a decade.
Founders' fieldwork (year 1)4.0 FTE
Where the founding team actually spends its time: hands-on opening the first cities and sourcing the first buildings — work the per-country / per-project coefficients barely register when the footprint is one city. Split 50/50 into the country-&-city and project-&-asset clusters, fading out over the founding era. With the core hold-back below this REALLOCATES year 1 from a top-heavy central HQ toward field work (the total is pinned to the founding team either way). 0 = pure bottom-up drivers from day one.
Central HQ held back (year 1)60%
A founding team can't staff a full central HQ on day one — the fixed leadership & central core builds up over the founding era. This holds back that % of the core in year 1 (fading to 0 by the end of the founding era), so the fixed spine no longer dominates the year-1 split. Without it the core eats ~⅔ of the founding team while the field functions are ~0.
Founding era8 yr
How long the founding-team allocation above takes to fade to zero. From this year on the team is exactly the bottom-up drivers, so maturity is untouched. Default 8 years — roughly when the feasible hiring curve catches the driver-implied need anyway.
The core delivery teams (bottom-up FTE)
Leadership & central core (fixed)6 FTE
The fixed spine that exists at any size — leadership, strategy, comms, HR, central ops. (Finance/legal, governance, advocacy and impact are separate functions below.)
FTE per active country0.5 FTE
Regional coordination + partnerships in each country the EHC is active in.
FTE per active city (standing)0.30 FTE
STANDING local coordination in each active city — supporting the members' assembly, the municipal relationship, local partnerships + the local pipeline. Distinct from the one-off launch FTE (which fades after entry) and from the buildings (operator-run). This is what lets the country & city cluster grow with the network's BREADTH rather than staffing a 60-city network with zero standing local people. Automation-discounted as the network matures; the chapter is otherwise member-volunteer, so keep it fractional.
Origination — FTE per project in development0.20 FTE
Sourcing + structuring a building (the work happens while it is in the development pipeline). A FLOW that tracks projects under development, not the whole portfolio — and templating + the automation curve make it cheaper per building over time.
Asset-management — FTE per operating building1 per 20 bldgs
Central oversight of operating buildings (LOCAL operators actually run them; this is portfolio oversight). Scales with the operational portfolio, with the automation curve applied so per-building effort falls as it matures.
Members per servicing FTE2,500
How many members one community/member-ops FTE supports at launch — the automation curve lifts this further as the network matures.
Launch FTE per new city1.0 FTE
Business-development effort to enter a city (sourcing offices, the local coop, the municipality, investors). Counts only in the year a city opens, so total BD cost fades as Europe fills up.
Economies of scale — productivity at maturity2.00×
The AI-first, platform-orchestrated operating leverage: per-unit human effort FALLS as the portfolio matures (templates, automation, self-service). 2× = a mature-network FTE handles twice the members/buildings of a year-1 pilot FTE. Applies to the operational drivers (asset-mgmt, origination, member servicing, marketing, country, finance/legal, impact) — NOT the fixed core, governance (member democracy stays human) or city launch.
Central functions (also headcount — one team)
The org is overwhelmingly a team. Each salaried function below is a real FTE driver, so it shows up in “the team behind it” and its cost is headcount × loaded cost — not an abstract % of revenue.
Marketing & growth — members per FTE6,000
One marketing/member-growth FTE per N members. Lower = a bigger growth team. (Media buys are a separate non-staff line below.)
Finance, legal & compliance — FTE per country0.5 FTE
Per active country: a regulated entity per jurisdiction (statutory audit liaison, compliance). Shown in the P&L within the 'Finance, legal & capital' line, together with capital-raising below.
Capital-raising / IR — base team1.5 FTE
Raising + stewarding the Fund's patient capital (impact LPs, community capital, the framework facility) — a base team plus a small per-building load that scales with the portfolio it raises against. Previously missing from the model.
Democratic governance — FTE per country0.3 FTE
Per active country: staff who COORDINATE the general assembly, delegate councils + elections. The participation itself is member-volunteer, so this is lean — and it does NOT take the automation discount (democracy stays human).
Advocacy, research & capacity — FTE at scale9 FTE
The movement function at FULL footprint (policy/research + onboarding/certifying local coops & operators). Ramps from ~0 to this as the network's reach builds out.
Impact measurement — FTE per building1 per 83 bldgs
Measuring & reporting affordability delivered, members housed, carbon — scales with the portfolio it reports on.
Loaded cost & the thin external overhead
Loaded cost / FTE€75k
Fully-loaded annual cost per person — salary + employer taxes + workplace, blended across Europe.
Non-staff opex30% of staff
Office, IT, travel, professional services, insurance, external audit + recruiting — a % of total office-staff cost.
Marketing media & campaigns1.5% of rev
Ad buys + campaign production — the genuinely external marketing spend, distinct from the marketing team above. A % of revenue.
Member services & community pool€30
A real, sized pool per member/yr for events, the knowledge-exchange + the community/solidarity fund. Genuinely non-staff — money distributed to members, not salaries.
Surplus earmarked to the Fund100% of net
How much of the co-op's operating surplus is earmarked as patient capital for the Fund (the self-financing flywheel) rather than retained as free reserve. 100% = the whole surplus is committed to the mission. Shown as the appropriation beneath the EHC 'Operating net' above; the capital is already routed via retained earnings, so this is the governance policy view, not a second deployment.
The digital platform (in-house technology team)
Mid-term booking fee3%
A small transactional fee on each mid-term stay (and channelled event bookings), paid by the MEMBER who books — it mainly covers the card + bank payment-processing fees the EHC owes its providers, so it nets only a thin surplus. Members already pay annual dues for platform access, so keep it light (no double-charging). At this rate the member's all-in cost sits 12% below a comparable serviced let (keep it ≥ 0% so members still benefit).
Tech base team1 FTE
The fixed engineering base that exists at any size (core platform + product + data), before the per-building load.
Tech FTE per building1 per 40 buildings
How the tech team grows with the operational portfolio it serves (bookings, matching, integrations). This is what unfreezes the tech team — it now scales with the network instead of staying at a fixed slice of the core.
Tech non-staff opex12% of rev
Hosting, data, payment-processing + third-party APIs — the technology team's non-staff cost, as a % of the platform's revenue.
External-client revenue€0
Revenue the co-op earns LICENSING its platform to other mission-aligned operators — new money from outside the housing system. Lifts the co-op's net (and the consolidated EBITDA) net of its own opex. A future scale option — 0 keeps it housing-only.
The Fund (inter-vehicle flows)
Asset-mgmt fee (EHC Fund → EHC)0.0% of AUM
The EHC Fund is a separate legal entity, but it employs almost no one: under a delegated-management contract it pays the EHC to run its assets — sourcing, underwriting and asset management done by EHC's own finance team — as % of the standing equity book. That is what this fee is. An intercompany transfer between two real entities, so it lifts EHC revenue and Fund cost equally and nets to zero on consolidation. 0 = no explicit fee.
LP return (override)use senior target
The capped annual return the Fund pays its external impact LPs, as % of outstanding external capital. 0 = fall back to the senior target return on the Fund deep-dive (so the 'Capped return to LPs' line is never a misleading €0). Display-only — it doesn't change operating EBITDA.
Local partners (how the money moves)
Developer = building operator
ON: one local partner both BUILDS the building (the one-off build margin) and RUNS it (the ongoing fee) — the common case. OFF: a separate developer hands over to a separate building operator. The ground-floor commercial space is always let to a separate specialist. No effect on the numbers — it only changes how the money-flow map labels the local-partner role.
Cost & wage inflation2.00%/yr
One membership, two ways to invest
You’ve now seen the consolidated model. So how does an outside euro actually come in? Three doors into the one mission-locked structure above — one membership layer and two investment routes, each earning from a different part of the engine you’ve just explored. Membership and investment stay separate instruments: membership carries a vote and no financial return, and the Fund is the only place a return is paid — open to members and non-members alike.
Become a member-ownerIndividuals · companiesCo-op share capital · democratic · mission-locked
Join the EHC and subscribe a membership share (€500 individual / €5.000 company; residents also subscribe a per-m² project share for their own building). This is the member-owner base layer, and it is deliberately not an investment: it capitalises the co-op’s operating reserve, and the co-op commits a deployable fraction of that pool as its OWN equity into the Fund — so the return it earns accrues to the co-op and is recycled into the next building, never paid out to members. One member, one vote. Capital that wants a return goes to the Fund instead. (A venture-style tech spin-out may open to impact-VC later, with the EHC as anchor shareholder, once the platform is proven.)
What you get: a vote, member benefits and a share redeemable at par — no dividend, no financial returnThe co-op builds the digital platform in-house, so its value stays with the members — see the EHC P&L in The four parties above.
Diversified equity across many projects — if one of fifty underperforms, the other forty-nine carry it (idiosyncratic risk pooled; debt ring-fenced per building). The workhorse for patient capital, and open to members and non-members alike: this is where an individual who wants to back the mission financially — rather than live in it — belongs. Investing does not make you a member, and membership gives you no claim on the Fund.
Return: patient, ~3.5% p.a.This is the return modelled in the Fund deep-dive above.