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Two luxury executive homes to be built near Barton

Posted on - 21st August, 2022 - 7:00am | Author - | Posted in - Broughton, Housing, Preston News, Redevelopment
A CGI image of Cuddy Hill. Picture: Sourced Capital

Sourced Capital has announced the closing of its most recent deal which will fund a development loan for two luxury new-build residential properties in Cuddy Hill, Preston.

The properties are planned to be substantial in size with high-end fittings, with plot one being sized at 5,300 sq. ft and including an indoor swimming pool.

The loan will be used to buy the quarter of a hectare plot and help fund the build costs at the development near Barton.

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It has a term of 18 months to accommodate the development and sales periods and a loan to gross development value of 61 per cent.

This is the second loan that Sourced Capital has funded in the last two weeks, the first being a £218,000 loan for the refurbishment of a four-bedroom house in Swansea.

There has been huge demand for investments from Sourced Capital, which is directly authorised by the Financial Conduct Authority (FCA). Since the start of the year, Sourced Capital has originated more than £10 million in loans and expects to lend more than £22m by the end of the year to small and medium sized developers across the country.

Derek Pratt, Commercial Director at Sourced Capital, said: “We are delighted to be working very closely with the developer on this exciting project and we look forward to seeing these two luxury properties come to life over the next 18 months.

“Over the last seven months, we’ve seen a notable increase in demand for these types of property investments and our most recent opportunities have helped to satisfy this demand amongst our qualified investors.”

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Sourced Capital has returned over £16m of capital and circa £2.77m of interest to investors since its inception in 2019 and has now funded more than £32m of loans for property developments across the UK.

Over the past three years investors have achieved average returns of nearly 12 per cent per annum, with investors able to choose the property projects they wish to invest in.

For this type of investment, there is no protection from the Financial Services Compensation Scheme, so there is a risk of loss to investors’ capital, even with the loans benefitting from first legal charge security, so this type of investment isn’t appropriate for everyone.

Sourced Capital will continue to increase funding for viable residential property developments in the UK, and with a specific focus on more sustainable housing. It only funds projects below 70 per cent loan-to-value.



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