Phil Gordon now has the potential to make substantial profits by taking on bigger projects
After completing a number of light refurbishments, flips and managing a few buy-to-lets, Phil Gordon wanted to move to bigger projects and step up his property game.
However, just like many other aspiring property developers, the hurdle he came across was funding. The hefty deposits required for mortgages and the high fees of bridging loans make borrowing money a hard pill to swallow.
The solution presented itself to Phil after discovering Sourced Franchise and the hurdle of funding turned into merely an integral part of his projects - all taken care of by Sourced Capital.
Unlike borrowing money from traditional sources, loans with Sourced Capital are based on the end value of projects, allowing franchisees to borrow up to 70 per cent gross development value.
In most cases, that covers the purchase price of the property, materials, labour and any fees required to complete the project. This allows Franchisees to complete large-scale projects with a minimal financial input of their own - thus maximising profits.
Sourced offers the only franchise opportunity of its kind in the industry. On top of access to funding, Franchisees get access to over 70 training days a year and receive ongoing support, exclusive materials and much more. All the additional benefits sealed the deal for Phil, and he joined the Network as Sourced Central Glasgow.
Phil says: “I joined Sourced mainly for the access to the funding, to enable me to get into larger projects than what I’ve done before. I also joined for the training, support and everything else that comes along with joining.”
Phil’s first project as a Sourced Franchisee was a four-bed refurbishment property, conveniently located in the outskirts of Glasgow.
He borrowed £182,000 from Sourced Capital, which covered the full purchase price of £177,000 and allowed the Franchisee to use very little of his own money to complete the project.
Once sold, the project will generate £40,000 in profit - that’s after paying back all of the interest to investors!
At the time of writing this article, the refurbishment works on Phil’s project were completed and the property is being advertised on the open market.
What is Sourced Capital?
Sourced Capital is a Peer to Peer Lending Platform, which offers competitive returns to investors while funding Franchisees’ projects in as little as six months.
To add to the security of the loans, borrowing from Sourced Capital is available to Sourced Franchisees only. Each deal is assessed by the HQ Team and packaged into a loan investment opportunity, before making it open for investment on the platform.
Visit sourcedcapital.co for more information.