The Development of Sourced

Stephen Moss / April 18, 2019

Tags: Blog

I meet a lot of people that introduce themselves as property developers and let’s be honest, whether their project has been a refurbishment on a two-up two-down terraced or a block of 20 apartments, then they have earned that title. They have gone through the highs and the lows that all property developers have.

A friend of mine is a fitness fanatic, he said to me that when he completed the Iron Man endurance race, he got a tattoo. Not to show off, but to remember how hard he worked and what he achieved. He recently completed his first small development and said there wouldn’t be enough space on his body to reflect the journey in a tattoo.

I have been in the investment sector for over 15 years myself. I have refurbished, converted and built a number of projects over the years, yet I have always referred to myself as an investment specialist. The reason for this is in my mind, I felt I had to hit a certain size before I started using the word developer. Not only did I want to achieve a certain size in a number of units, but I also wanted to grow a business that created its own property ecosystem.

I launched Sourced with a very simple plan; grow our network, grow our platform, then we grow our development team.
Sourced quickly grew momentum reaching over 50 offices across the UK by the end of 2018. Our Franchise Network is the engine that grows our business, reviewing thousands of projects per month, completing over 70 developments and working with thousands of investors from 69 countries across the globe.

To support our growth we invested heavily in technology, creating a peer 2 peer lending platform, recruiting a funding team and gaining registration from the FCA.

We work closely with ultra high net worth investors to provide funding for our network’s opportunities and those selected by head office. What separates us from other platforms is the diversity and internal structure we offer our investors.

The diversity is unique in that having a network of offices across the UK, means the opportunities are spread out. This reduces the risk should a location hit a particular slump, for example, if a large local employer were to close and we had several properties local to this employer, it would put our investors at risk.

The second unique feature we have created is the relationship and structure we have with our borrowers. The majority of lending platforms raise money and give this to a borrower who has made an application, usually online. I am not suggesting the platform won’t complete checks and due diligence - I am sure they will but we have a different approach. We only lend to our network of offices so our borrowers are people we have trained, supported and have a relationship with, this means our knowledge of their capabilities is much higher.

As our business continued to grow both in a number of units and amounts that we fund, it was clear that we were in a position to begin recruiting an experienced development team. Richard, our construction director, was brought into the team bringing his 30 years’ experience, a wealth of knowledge and an amazing team of motivated, experienced and excited people.

This new team included the appointment of Paul - an experienced project manager who has worked on landmark buildings across the northwest including over 500 student developments in Liverpool.

Our business is in a great position to identify and cherry-pick fantastic sites given the network we have across the UK, however, it was important that our first large scale development as a team ticked all the boxes. It had to be in a high growth location, provide luxury accommodation, offer eye-catching and stunning design plus much more. I think in total we reviewed 27 sites before all agreeing that Regent Plaza was the one.

The beauty of this site is that it is in a fantastic location, it can be phased comfortably and easily to ensure our development team can manage the process and deliver the development to the standards we expect.

Already in such a short space of time, we have made a huge process with Regent Plaza. Not just from the sales but from the construction, engineering and funding paths. Having met with a number of large and experienced construction teams, we have selected one that our team has worked within the past and who have a reputation for delivering.

Developing is in our blood and we have no plans to stop this, having recently secured a development site in Liverpool for 191 units and completing smaller projects around the UK, we are on track to be a developer with a difference.

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Tags: Blog

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