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Post by paulhought on Jul 27, 2019 13:20:49 GMT
Hello, We are excited to announce the arrival of our new Platform and invite you to browse, sign up and provide any feedback you may have. At Sourced we have been working hard behind the scenes to bring a new, fresh and user friendly platform to our investors. Our legacy platform highlighted several key points which we believed were vital for a smooth and painless user investment journey. This bought us to complete a full redesign and restructure our platform to allow for much more functionality to be implemented and so Sourced Capital was introduced. With this in mind we had three key components we wished to improve on with the phase 1 release of the new platform: - Seamless usability from registration through to investment
- Increased clarity of investment options
- Better transparency on specific investment projects
Who those who may be less familiar with Sourced Capital, we are unique in the fact that we only lend to our franchise network. This allows us to be much closer to the borrower than in the typical traditional sense, often our network of offices have worked closely with us for over 12 months prior to any application of funding is made. Every loan opportunity listed is secured by a first legal charge (Maximum 70% LTV) in addition to a personal guarantee from the borrower/s. We strongly believe that the returns we offer are just one of the many values of our platform and we are now positioned to begin work on a phase 2 release. As part of this, we would like to invite you to bring your thoughts to the table and use this to mold our development plan for H2 of 2019. You can visit our platform here: www.sourcedcapital.co/Thank you, Paul. |
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Nomad
Member of DD Central
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Post by Nomad on Jul 27, 2019 15:32:46 GMT
"Sourced is the trading name of Jark-1 Limited which is an Appointed Representative (ref. no. 826510) of rebuildingsociety.com Ltd, a firm authorised and regulated by the Financial
Conduct Authority (FCA) under firm registration number 656344."
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Post by gravitykillz on Jul 27, 2019 15:46:06 GMT
O hell no.
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Post by mrclondon on Jul 27, 2019 21:56:03 GMT
I think it would be useful if yourself, or one of your colleagues, could take a step back and explain who / what the sourced group are, and why most if not all of us have never heard of sourced. A history lesson if you like.
A crucial question is, in the light of the previous two posts, what are your plans to gain your own direct FCA authorisations ? For a multitude of reasons Rebs is like marmite in the p2p sector, and can provoke a very strong negative name recognition.
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Post by mrclondon on Jul 27, 2019 22:31:50 GMT
I've just been made aware that there has been a previous thread relating to this platform which stemmed from an email spamming episode in May. |
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hazellend
Member of DD Central
Posts: 2,363
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Post by hazellend on Jul 28, 2019 5:13:34 GMT
Why do new platforms tag onto REBS? What do Rebs get out of it and why don’t we see other platforms doing it?
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Greenwood2
Member of DD Central
Posts: 4,376
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Post by Greenwood2 on Jul 28, 2019 6:08:17 GMT
Why do new platforms tag onto REBS? What do Rebs get out of it and why don’t we see other platforms doing it? I assume Rebs get paid for it. I seem to remember that Rebs have their own platform software package which they sell/hire out to the companies under their umbrella. But what happens if Rebs fail? An extra platform risk?
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Post by gravitykillz on Jul 28, 2019 6:31:23 GMT
I believe this is a bad time to be investing in new platforms. Being so close to brexit and also with boris in charge.
There are too many unknown factors at play over the coming months.
I for one am reducing my p2p holdings.
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Post by dan1 on Jul 28, 2019 7:52:51 GMT
Why do new platforms tag onto REBS? What do Rebs get out of it and why don’t we see other platforms doing it? I'm no expert and know next to nothing about sourced but ignorance hasn't stopped me posting previously! ReBS act as appointed representatives to platforms that don't currently have their own unique FCA permissions, see.... register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000h3VbpAAEHuddle Capital Ltd Jark-1 Ltd - appears at footer of sourced.co ReBS also offer their own platform software as a white label to help sites get up and running (https://www.whitelabelcrowd.fund). I've no idea if sourced.co is using their tech but I assume not.
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benaj
Member of DD Central
N/A
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Post by benaj on Jul 28, 2019 10:54:35 GMT
"Sourced is the trading name of Jark-1 Limited which is an Appointed Representative (ref. no. 826510) of rebuildingsociety.com Ltd, a firm authorised and regulated by the Financial Conduct Authority (FCA) under firm registration number 656344." I am confused. So Sourced Capital not registered on FCA yet but " Sourced" / Jark-1 Limited's nature of business is Real estate agencies and also is AR of Rebs???
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Post by davee39 on Jul 28, 2019 15:46:44 GMT
12% Lending secured on property.
What could possibly go wrong?
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Post by mrclondon on Jul 28, 2019 16:01:21 GMT
The main points I think are
- for sophisticated / HNW investors only - 1st charge property security only
- min £250 - rates typically 8-12% pa
- interest paid only on loan maturity (if paid by borrower) - no SM and no plans to add one
Underlying the Sourced group seems to be a nationwide franchise network of 50+ property investors ( sourcedfranchise.com/ the pdf link helps explain the concept, and sourced.co/offices/ lists the franchisees.)
EDIT: After a pause to digest what I've read, my gut feel is deal flow through the platform is likely to be low as it is (mainly) dependent on the franchisees to find the opportunities.
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benaj
Member of DD Central
N/A
Posts: 5,591
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Post by benaj on Jul 28, 2019 16:28:48 GMT
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Jul 28, 2019 17:11:24 GMT
I've came to the conclusion that I am better to wait until a platform is 3-4 years old before I invest.
Hell, they spring up like weeds. I don't like weeds. 
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Post by stemoss004 on Jul 30, 2019 19:46:38 GMT
I think it would be useful if yourself, or one of your colleagues, could take a step back and explain who / what the sourced group are, and why most if not all of us have never heard of sourced. A history lesson if you like.
A crucial question is, in the light of the previous two posts, what are your plans to gain your own direct FCA authorisations ? For a multitude of reasons Rebs is like marmite in the p2p sector, and can provoke a very strong negative name recognition.
Thank you for the opportunity to expand on the Sourced group, we have been operating for almost two years and our group is made up off four sections: - Sourced Property - Sourced Developments - Sourced Capital - Sourced Franchise We have 50+ franchisees across the UK, our franchisees are trained and supported by the head office team, they identify investment opportunities that we can either sell via our sourced property brand which helps investors grow portfolios or they purchase the opportunity to renovate/convert/develop. Our development brand is run by a team of experienced people based at head office that currently manage over £260M of new build developments with our flagship site being Regent Plaza, Manchester. Sourced Capital is our peer to peer platform which supports both franchisee and head office projects with funding either via the platform or bridging partners, you can see on our platform that we are building this slowly with smaller projects having raised £1M over the past three months. We have a dedicated funding team based at head office that work hard to offer good investment opportunities for the platform that have passed a detailed due diligence process. The model we have is unique and we believe reduces risk for our investors given our borrowers are our franchisees who are trained and supported by the head office team. We utilise REBS as an umbrella for the FCA registration whilst working on a direct application. We would appreciate any feedback on the new look platform and the opportunity to work with any of the P2P forum investors on our projects. I am happy to answer any questions directly via email on stephen@sourced.co or on the forum. Have a good evening Stephen
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