Meet Everton and discover his journey from a recruiter to a developer.
Everton had always known how lucrative the property industry can be. Alongside his career in recruitment, he owned a few buy to let properties and he managed his family’s estate. A couple of years ago, he decided to give property a real shot and started looking at options to get trained in property and eventually move into development.
After researching his options, Everton decided to join Sourced Network franchise, which offered him the package of resources he needed. Unlike property training programmes, Sourced also offers ongoing support, a funding platform and a vast suite of resources, tailored to build a profitable property business.
Everton decided to pursue his passion for property on a part-time basis initially. Having attended a number of training events at Sourced HQ, he began focussing on building relationships with investors and sourcing investment opportunities, to trade them through the Sourced investor network. After just 12 months, Everton took the plunge to move to property full-time. Soon after, he discovered a perfect first-time developer project, in Hornchurch, Essex.
The plot was a site with a planning permission for a 3 bedroom house, which had a garage on it. After compiling all his due diligence, Everton put the project through for funding on Sourced Capital, Sourced’s peer to peer lending platform. Unlike traditional lending options, the platform allows franchisees to borrow up to 70% of the GDV (gross development value) of the project, which in many cases means that franchisees can borrow up to 100% of the funds they need.
The total of £370,000 was raised within a few days and the ground works began. “The biggest challenge with this project was the project management. I had to liaise with all the parties involved in order to make sure everything’s lined up.” Everton admits. The exit plan for the project is to sell it on open market, releasing a profit margin of 20%. 6 weeks before completion, the project started being marketed with an estate agent and the property started generating interest among potential buyers.
“I’d never built a house before, but with the help of the HQ, I knew I would be able to deliver” Everton says. The property was completed on time and the end result is a contemporary, modern home with high end finishes.
“I would recommend Sourced Network for anyone who is interested in building a property business.” Everton shares. “Whether you are a newbie or you’ve been in property for some time, Sourced can provide you with what you need to move forward”.
To find our how Sourced can help you on your property journey, download your copy of our prospectus.
Author
Sam Clayton
