At Sourced Capital, we’ve been working hard over the past couple of months. We’ve had a number of new projects launch on our platform throughout these truly testing times. In this blog , we’ll be taking a look at one of our projects, McCrorie Place, and providing you with an update of the key details that you need to know.
The McCrorie Place project launched in September 2019. The borrowers were looking for a raise of £182,000 for the conversion of this property. The plan was to flip the property once renovated. There was some work that needed to be completed on the property, as there was visible water damage throughout.
Situated in the heart of Kilbarchan, the property was a 4-bedroom detached house spread over two floors, which included a lounge, kitchen, dining room, bathroom, and 4 bedrooms.
The local area had seen strong capital growth with healthy valuations on 4-bed properties. Once the property had been refurbished, it would become a perfect family home due to its size.
After Sourced Capital had reviewed this project, we knew that it was the perfect addition to our platform. Listed in September for investment with a return for investors of 11%, the investment of £182,000 was funded quickly. With demand in the local area for this type of property, investors flocked to invest in this project.
After months of hard work, Sourced Capital is pleased to announce that all investments into the McCrorie Place project have now been repaid in full, along with an average interest of 11.3%.
Sourced Capital has repaid £202,566 to investors, after a total of £182,200 was raised, a healthy return for investors in such a short period of time.
New Project: Nelson Road, Clacton-on-Sea
But what’s next for Sourced Capital? Well, we’ve had a number of projects launch on our platform recently, one of which is our current project based on Nelson Road, Clacton-on-Sea.
This is an exciting opportunity to invest in a new build development. The plot of land will be purchased with planning permission in place for the build of 6 properties in a quiet residential area based on Nelson Road in Clacton-on-Sea.
The borrowers are looking to raise £1,103,000 for the purchase and build of 6 new, 3 bed townhouses. To coincide with the raise, the borrowers will also be contributing £337,250 of their own cash towards the purchase price of £504,000.
Investors of this project, get a first legal charge on the site. There is additional land, next to this plot, which the borrowers are allowing investors to also have the first legal charge on also.
The exit plan for this project is to sell the properties, within a 14 month period, generating an estimated profit margin of 39%.
The area of Clacton-on-Sea is the largest town on the Essex Sunshine Coast. People frequently relocate there from London, as well as from many other parts of the UK, due to its coastal setting. Clacton-on-Sea is also popular among day-trippers due to the fact that it’s only an hour away from London.
The plot of land on Nelson Road is just a short walk from the Town Centre. Local amenities and a train station are a short 5-minute drive or a 15-minute walk. Clacton’s clean beaches are at the end of Nelson Road and it’s just a few minutes’ walk to the local hospital.
Clacton-on-Sea has seen a steady incline in housing prices over the past 5 years, totaling an average capital growth of 8%.
If you’d like to find out more about the Nelson Road project, download the Project Report for full details. Additionally, you can get in touch with the Team at [email protected], or, you can fill out this contact form.
*Capital at risk. No FSCS protection. Investment is only suitable for sophisticated and high net worth investors. Past returns are not a guide to future returns.