Sourced celebrate 3 year anniversary

It has been a busy few weeks at Sourced HQ recently. In between organising its most recent golf day at The Belfry, funding multiple projects, and providing support for its network, the company has also celebrated its third birthday.

Sourced, has experienced rapid growth over the past 3 years, and have now grown the network to over 100 locations across the UK. Through its peer-to-peer platform, Sourced Capital has raised over £5 million for property projects – which is an increase of 726% on the previous year.

Introducing new Operations Director, Stephen Wallis

Sourced has also grown its team this year, taking on eight new employees, despite COVID-19. One of its new members is FinTech expert, Stephen Wallis, as Operations Director. Stephen brings a wealth of Financial Services and more recently, FinTech, experience to the team – with a career spanning Banking, Payments, Consumer Lending, and Peer-to-Business lending all the way up to Executive and Board level. He is a qualified Risk professional and has a deep knowledge of operations at a large multi-national and SME level.

Stephen had this to say about his appointment: “I’m extremely excited to join the Sourced Capital team at such a great point in their journey. I’ve been actively investing in the property peer-to-peer market for a few years and can see the huge potential in front of us, especially as investors look for better security and tax efficiencies from their investments – as well as its property network’s ability to take advantage of the recent changes to certain UK planning rules.”

But what’s next for Sourced? Well, the company has just launched a new arm of its business, Sourced Partners. Sourced Partners is a new franchise model that will purely focus on HMO properties and launched just last week. In addition, Sourced is looking to recruit even more new employees in the coming months to help grow the business.

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.