“Whether you’re just starting out in property or you’ve been in the industry for a while, Sourced is a fantastic opportunity to facilitate your growth,” explains happy Sourced franchisee, Mark
Mark is the owner of a successful property investment agency, working with investors from across the globe. He sources HMO (houses in multiple occupation) and buy-to-let opportunities and manages the work to turn them into cash flowing investments. Having helped a lot of investors to grow their portfolios, Mark decided to start working on his own projects as well.
What made Sourced stand out among other options to scale his business was the exclusive access to the funding platform. Franchisees can borrow up to 70 per cent of the GDV (gross development value) of their projects, which in many cases means that 100 per cent of the purchase price and work costs are covered. “I also do a lot of property sourcing, so access to Sourced’s investor database of buyers is a huge benefit!”, Mark admits.
Mark wasted no time and just weeks after joining the network, he identified an excellent conversion opportunity in the suburbs of Manchester. The property is a row of three retail units with offices on the first floor. The purchase of this property was funded by Sourced Capital and a total of £212,000 was raised in less than 24 hours.
“We are now getting ready for phase two, which is obtaining the funds for the conversion works,” Mark says. “Planning permission has already been granted to create six studio apartments on the first floor and we are currently in negotiations with a few builders and other contractors.”
Upon completion, Mark plans to secure a long lease with a care provider and refinance the full property to release a profit. “We will keep the ground floor units as retail lets initially, with the view to obtain further planning to convert them into more studio apartments for the care sector.”
Apart from this conversion, the Warrington franchisee is currently working on several other projects, including a nine-bed pub conversion and seven buy-to-let refurbishments for his agency clients. “Whether you’re just starting out in property or you’ve been in the industry for a while, Sourced Franchise is a fantastic opportunity to facilitate your growth,” Mark admits.
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