New £5m apartment block to be developed in Taunton
Sourced Capital today announces the opening of their latest investment opportunity. The new £5,055,000 facility will be used to support the development of 1 Tangier Central, Taunton into 55 apartments.
The former office building has planning permission to be converted into 55 self-contained residential units in a highly desirable area where planning permission for residential development is notoriously hard to secure.
There has been huge demand from investors in the most recent loans launched by Sourced Capital, an established Peer to Peer platform who recently received direct authorisation from the Financial Conduct Authority (FCA). The two most recent deals launched on the Sourced Capital investment platform were funded in record time. The first of these being a £2.1m loan funded in just 24 hours, and the second being a £267,000 loan funded in less than 60 seconds.
The new facility represents the largest development opportunity, to date, that Sourced Capital has made available for funding via their Peer to Peer platform. The loan has a term of 18 months, with a loan to gross development value of 67 per cent.
The loan is presented to qualifying investors with a targeted interest rate return of 12 per cent per annum for investments over £20,000.
Investors have achieved an average return approaching 12 per cent per annum and, to date, there have been no losses on any loans, with 100% of all capital and all interest due returned to investors on loans which are no longer active.
Sourced Capital has returned over £15m of capital and c.£2.6m of interest to investors and funded more than £25m of loans for property developments across the UK. In addition to standard cash wallets, investors with Sourced Capital can also look to invest using an IFISA or Pension (SSAS or SIPP) to receive any interest returns tax-free.
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.