A plot on Nelson Road near Clacton’s seafront is being developed into 9 townhouses. The £2.5 million development in the local area will bring a more affordable option for families, in a desirable spot.

The developers from Sourced have recently started on the build after gaining planning permission from Tendring council to build the properties.

Sourced Capital has previously raised £1,103,000 to buy the plot and start the build of the first 6 terraced 3 bed townhouses. We are now looking to raise phase 2 of the monies (£660,900) to build the remaining 3 properties through our online Peer to Peer Platform.

Working closely with local estate agents the scheme has been designed to help the demand for starter homes, with the help of the government’s help to buy scheme in the works too.

Local estate agent Jordan Blanche-Price from Scott Sheen & Partners is confident in the scheme, “There’s always something going on in Clacton, it’s a lovely place to live. There is no room for any other new builds on the seafront, so there is no competition in the area for this type of property. The townhouses are going to be attractive to a lot of people.”

The build is forecasted by the contractor to take 14 months to complete the full works of all 9 homes.

Dan Lane from Lane homes construction is leading the build on the project said “I was born and bred in the local area and I am very excited to be a part of the project. There is nothing like it in the area, there are mainly flats or large detached houses. What is good about these properties is that it brings more affordable homes within the area for families.”

Given the location of the property and the local demand, the developers, Jas Malhi and Charnjit Singh have already marketed the homes off-plan for local residents to purchase, and despite COVID-19, there has been plenty of interest, with even one of the homes being reserved. According to Propertydata.co.uk, the Clacton area has seen an increase in housing prices over the last 5 years, totalling an average capital growth of 22%.

Jas, Sourced Developer said: “Peer-to-peer lending has been growing in popularity over the past five years because there’s been a distinct shift in power as investors realise they can enjoy the returns typically enjoyed by the banks and conclude deals more quickly by calling on a network of their peers. If any local residents would like to invest in a project that is close to home, this is the perfect opportunity. We’re happy to show any investors around the site (once lockdown has lifted of course), so that they can see what their money is helping to achieve. It is important for us to ensure this project is in keeping with the quiet residential road and the Clacton area, yet bringing affordable homes to the community.”

Capital at risk. No FSCS protection. Investment is only suitable for sophisticated and high net worth investors.

To find out more about this project visit: https://www.sourcedcapital.co/projects/

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.

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.