The Cheshire-based property investment network Sourced recently entered the peer-to-peer lending sector and plans to launch an Innovative Finance ISA (IFISA) by the start of 2019.
Sourced connects individuals with property investment opportunities and operates a franchise model, for individuals who are looking to set up their own property investment business.
The company began working with P2P lenders such as Lendy and The House Crowd towards the end of 2017 before officially launching its own P2P business in July 2018.
“It’s been going really well so far,” said Stephen Moss, managing director of Sourced. “We’ve been registering more than 30 investors a day who are looking for P2P investments. And we have a very healthy pipeline of property investments. It’s hit the ground running.”
Sourced focuses on loans backed by UK properties with a maximum of 70 per cent loan-to-value. Expected returns are estimated at between eight and 12 per cent, depending on the property. An IFISA launch has been mooted for early 2019.
Moss told Peer2Peer Finance News that he decided to launch the P2P business after realising that there was an opportunity in the market for a new platform with a strong deal flow and experience in the property market.
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