A Special Purpose Vehicle (SPV) is a separate limited company or limited liability partnership, which operates under its own legal status, with its own asset and liability structure. The property is owned by an SPV, with each SPV holding one or more properties. The Investors and the Sponsor (Managing Investor, or MI) have different classes of shares in the SPV. The Sponsor is also a Director of the SPV and CrowdLords appoints an Independent Director who is responsible for overseeing the SPV along with the performance of the Sponsor.