Project Complete: Wellhouse Lane, Sheffield

The Wellhouse Lane project launched in February 2020. The borrowers of the project were looking for a raise of £297,500. The plan was to sell the property within a 12-month period, generating an estimated profit margin of 21%.

Situated just a short walk from the local town centre on a quiet road in Penistone, the plot of land was purchased with a view to build a 4-bed detached house. Penistone had seen strong growth over the previous 5 years in housing prices, boasting a 21% increase in house prices during this period.

Once Sourced Capital put this project through its rigorous due diligence process, it was accepted to raise the funds on the platform. Listed in February for investment, with a return for investors of 9% with a 2% bonus on investments of £20,000, the project was funded in just 5 minutes.

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% per annum.

Sourced Capital has repaid £317,581.25 to investors*, after a total of £297,500 was raised, a healthy return for investors in such a short period of time.

Peter Firth, an investor of the Wellhouse Lane project, spoke with Sourced Capital to talk about his experience investing with our platform. You can watch the video interview below.

Stephen Moss, Managing Director of Sourced Capital said: “It’s great to match our investors with great projects. The borrowers are a part of the Sourced Network, meaning that they have gone through rigorous training and have ongoing support from the Sourced HQ team who are property experts, providing an extra layer of security for investors. Despite COVID-19, there is a high demand for projects like Jamie’s as they are of good quality.”

Future Projects

Sourced Capital currently has a number of exciting projects in the pipeline currently and these will soon be available for funding through our platform. All you need to do is follow the link and register your account. You can get set up in less than 5 minutes and you will then automatically be added to our mailing list so you can keep up to date with upcoming projects.

Alternatively, if you’d like to read more success stories from investors, you can take a look at the Sourced Capital blog for updates.

*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.

Project Update: 41 High Street, Hull

In this blog post, Sourced Capital will be presenting an update for our 41 High Street, Hull project, where, for the first time, you’ll be able to take a virtual tour through the building to see the progress of works.

The 41 High Street, Hull project was launched on the 19th of May 2020 at the peak of the COVID-19 pandemic. The borrower of this project requested a raise of £647,000 for the purchase and conversion of this historic office block that was built in 1664. The property was originally built as the home of Alderman George Crowle, a wealthy merchant, who was twice Mayor of Hull, as well as Sheriff of Hull in 1657.

The project was fully funded in less than 2 weeks and work started shortly after. Now a few months have passed, there has been a lot of progression in the works that have already been completed.

For the first time, we are able to showcase a virtual tour of this project. Take a look at the video tour below to see how the project is coming along.

New Project: Columbus Ravine

Whilst it’s now too late to invest in our 41 High Street, Hull project, we have a number of projects available for funding on our platform. One of which is the Columbus Ravine, Scarborough project.

The borrower of this project is raising £244,474 for the purchase and works of this guest house based in Scarborough. This is an exciting opportunity to invest in the conversion of this guest house which will eventually become 3 new 2-bed apartments, with the plan to sell the apartments within an 8-month period, generating an estimated profit margin of 20% on the sale of the converted property.

The purchase price of the property is £180,000, of which £27,000 is borrower equity. £153,000 of the raise will go towards the remaining purchase price, and the outstanding balance will go towards build costs.

Scarborough is one of England’s most famous seaside resort towns. Thousands of holidaymakers flock to Scarborough each year due to its idyllic setting and glorious beaches. The area has seen an incline in housing prices over the last 5 years, totalling an average capital growth of 11%.

The property is situated only a 15-minute walk to the famous Open-Air Theatre and only a 10-minute walk to the beach.

If you’d like to find out more about the Columbus Ravine project, download the Project Report for full details. Additionally, you can get in touch with the Team by completing 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 for future returns.

Project Complete: McCrorie Place, Kilbarchan

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 capital@sourced.co, 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.