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Tag Archives: Swansea Road

Planning-application

Found out we missed out on the 2 semi’s planning application today. Council thinks us a little ambitious in over use of the land.

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planning-appeal

The planning consultant and architect have come up with a design for a pair of semi detached homes for the plot of land next to the property.

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Planning-application

The planning application for the extension has been submitted. The full application form and plans submitted can be found below for our investors who are following this project.

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Swansea Rd Property with before written across it

Here are some photos of the state in which we received the property before we started work on it.

Completion (over a property picture)

We received the completion* confirmation email from the solicitor today! This is the 3rd and finalproperty in this JV, and our 4th property completed so far. *For non-UK readers, completion here means we have paid the full purchase price and the Title will now be registered in our name. 

words "New Investor!" over a picture of gwendoline st with 2 inset properties

Bringing on a joint venture partner is a lot of work.  It is really rewarding and incredibly satisfying to build a new relationship with a relative stranger to the point of money exchanging hands.  The trust that you are taking on is a big responsibility, and we appreciate the trust that our investors have put into us to make a good return for them, but also to communicate and deliver, which we are doing. We are in the middle of the Invest 1 Venture, having purchased 2 of the properties, with a 3rd in the pipeline for this group, so overall it is late in the game to join this group. Earlier investors will be compensated according to their time invested with returns being time adjusted. Project update: We are awaiting a flood report on Gwendoline Street to determine if we can convert the rooms on the ground floor into…

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planning-appeal

We have managed to secure a ‘home loan’ finance product for this property. Given the strategy is to get planning, extend and flip on eventually, this financing strategy is a good one for credit profile building. Using a local bank it would be a £53k loan at 60% LTV (under a primary residence home loan), with interest of 1.7% pa which increases our ability to add another property to the portfolio for less capital and very low costs.   The term of the loan is 30 years, with principal and interest to be paid monthly. With a great planning uplift potential in the plot of land, along with the renovation to bring the existing home up to a similar or higher standard to the area, it will cater perfectly to families and older professionals working near the M4, so it is a great project for us going into the UK property…

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Planning-application

This property has a lot of potential and uplift possibilities. Our vision for it is to extend the house. This aligns with the demand in that area.

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sad day

It has been a disappointing day today.  One of our first to commit major investors has had to temporarily pull the plug as their funds are caught up in administrative and bureaucratic nightmares in the US. 🙁 As an unfortunate as this is, it also provides an opportunity for us to send this deal off to some of our potential JV partners, giving them an option for an investment level that suits their budget. We split the £40k investment into 4 x £10k dropping the minimum investment level from £20k to £10k to meet the needs of a couple of investors we know of, and also raise the funds quickly as this delay is hurting the overall position at the moment. We have essentially personally bridged their £40k and cannot continue on one of our own projects until this is sorted out, and our funds into the other project are…

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decision

We had some interested parties in the last 3 units of this JV, however we had to make a decision on how to proceed today. We had to give them deadline to get in by 9am UTC time, as we had a deadline to meet ourselves. A bit of pressure applied, which can help for some people to make a decision, and to give us some certainty with the current deal. Unfortunately we didn’t hear from them by that time, which is a no, so we moved forward with the alternative, which makes the returns much better for the initial investors, so great all round. These potential JV partners could now be in the queue to get into the next opportunity that we create.  

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