Meet Michael Marlowe, Sourced Network Franchisee
Over the years, Michael Marlowe has completed numerous property conversions, renovations and flips. Property investment was never his main focus though and for years, it remained a side hustle alongside his other businesses.
Eventually, Michael decided to take full advantage of the earning potential of the property industry and decided to join Sourced Network franchise, to utilise the funding platform, Sourced Capital.
The franchisee chose Stoke-on-Trent as his franchise territory and soon after, he sourced a double-property investment opportunity in an affluent area of Stoke. The opportunity consisted of a large family home in need of refurbishment, with planning for a new build house next to it. “The existing owner was struggling to sell the house, because of the planning for the additional house.” Michael shares. “It wasn’t an easy process to purchase the plot. My initial offer was rejected and after a couple of sales fell through, I was contacted to reconsider my offer.” Michael did the calculations to make the project work for Sourced Capital, he worked out the maximum price he could offer and this time, the owner accepted.
The project wasn’t all plain sailing though. The works started amidst the pandemic, which has created numerous challenges. “COVID caused shortages of some materials and we also had problems with keeping a steady level of workers on site.” Michael said. “ There were other challenges too, such as dealing with planners, services and we had to shut the new build once, due to weather conditions.”
Project financials:
Purchase Price: £385,000
GDV: £900,000
Loan: £595,000
Project Term: 8 months
What are the advantages of Sourced’s funding?
“The main advantage in my opinion is the access to it.” The Stoke franchisee shares. Traditional lending, such as bridging or mortgages, require numerous pre-qualification processes, which Sourced franchisees do not need to go through, once they become part of the network. The level of funding provided is another advantage. Franchisees can borrow up to 70% of the GDV of the project, which can mean that up to 100% of the purchase price and work costs can be funded. In addition, it allows franchisees to take on a project with minimum capital of their own.
Is there more?
Funding is just a part of the package that comes with the franchise. Sourced Network has been developed to provide property enthusiasts with a proven business model and resources to build profitable property businesses. On top of the funding, you will get 70+ training days per year, a dedicated support person, networking opportunities, property and investor leads and much more.
“I would recommend Sourced Franchise to people who have some experience in property, but need funding and support to move to the next level.” Michael shares.
To find out more about this opportunity, download the Network franchise prospectus.
Author
Sam Clayton
