adrianc
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Post by adrianc on May 31, 2022 10:01:54 GMT
...and they're spamming another one - "60% funded in 15 minutes", allegedly... One interesting footnote - the limited company in the details at the end of the email is now "Peer Funding Ltd", not "Jark-1 Ltd". One director in common, as of this January (although PF was founded in 2014) and "Jark-2 Ltd" has significant control of PF. Follow the significant control trail back, and both Jarks come under Sourced Group Ltd, with significant control of that one common director. Lots of (presumably) SPVs, management and Jark/Sourced companies under his control. Any thoughts on Sourced apparently being the "largest property investment platform in the UK", back in 2018? Hmm... www.propertyinvestortoday.co.uk/60-second-interview/2018/10/im-stephen-moss-the-founder-and-managing-director-of-sourcedA network of 34 offices? Doing what? The filed accounts of Jark-1 and Peer Funding don't seem to exactly bear up such claims. Peer Funding does at least have its own FCA registration, 668078 - register.fca.org.uk/s/firm?id=001b000000j36GpAAI - authorised since July 2016. You may find that date unusual, given the timing in this thread of the following comment from a platform rep whose user name bears a marked resemblance to that common director... We utilise REBS as an umbrella for the FCA registration whilst working on a direct application. Jark-2 gained a registration in September 2019, but ceased that registration at around the same time as Peer Funding Ltd gained the directorship of that director. Jark-1 has never had a registration that I can see. If their marketing was not grounds enough to raise eyebrows, I leave interpretation of the above as an exercise for the reader. |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 31, 2022 10:22:51 GMT
...and they're spamming another one - "60% funded in 15 minutes", allegedly... One interesting footnote - the limited company in the details at the end of the email is now "Peer Funding Ltd", not "Jark-1 Ltd". One director in common, and "Jark-2 Ltd" has significant control of PF. Follow the significant control trail back, and both Jarks come under Sourced Group Ltd, with significant control of that one common director. Lots of (presumably) SPVs, management and Jark/Sourced companies under his control. Any thoughts on Sourced apparently being the "largest property investment platform in the UK", back in 2018? Hmm... www.propertyinvestortoday.co.uk/60-second-interview/2018/10/im-stephen-moss-the-founder-and-managing-director-of-sourcedA network of 34 offices? Doing what? The filed accounts of Jark-1 and Peer Funding don't seem to exactly bear up such claims. The 34 offices relate to the wider Sourced group not the P2P platform - bulk of the property investment ISTM is via the Sourced Property (get far ore emails from them) bit which is the more mainstream property investment entity. Franchise model as well so 'offices' may well just be someone's spare room - its the franchisee projects that the P2P platform is funding PS 150+ 'offices' now sourcedproperty.co/offices/ - apparently one down the road so might have a look
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on May 31, 2022 10:47:59 GMT
...and they're spamming another one - "60% funded in 15 minutes", allegedly... One interesting footnote - the limited company in the details at the end of the email is now "Peer Funding Ltd", not "Jark-1 Ltd". One director in common, as of this January (although PF was founded in 2014) and "Jark-2 Ltd" has significant control of PF. Follow the significant control trail back, and both Jarks come under Sourced Group Ltd, with significant control of that one common director. Lots of (presumably) SPVs, management and Jark/Sourced companies under his control. Any thoughts on Sourced apparently being the "largest property investment platform in the UK", back in 2018? Hmm... www.propertyinvestortoday.co.uk/60-second-interview/2018/10/im-stephen-moss-the-founder-and-managing-director-of-sourcedA network of 34 offices? Doing what? The filed accounts of Jark-1 and Peer Funding don't seem to exactly bear up such claims. Peer Funding does at least have its own FCA registration, 668078 - register.fca.org.uk/s/firm?id=001b000000j36GpAAI - authorised since July 2016. You may find that date unusual, given the timing in this thread of the following comment from a platform rep whose user name bears a marked resemblance to that common director... We utilise REBS as an umbrella for the FCA registration whilst working on a direct application. Jark-2 gained a registration in September 2019, but ceased that registration at around the same time as Peer Funding Ltd gained the directorship of that director. Jark-1 has never had a registration that I can see. If their marketing was not grounds enough to raise eyebrows, I leave interpretation of the above as an exercise for the reader. Peer Funding was a separate entity who briefly launched a P2P platform after gaining full authorisation but couldnt get any traction so pulled out of the market. Sourced (trading name) were operating under the REBS AR (Jark 2) but then the FCA imposed restrictions on AR so Sourced, ( Proprio & Huddle) had to stop taking business. Sourced (Jark 2)then bought Peer Funding in order to gain full authorisation and reopen Sourced Capital. The key director is Roger Smith who is main FCA approved compliance function, though the other directors are approved Edit Jark-1 initially held the AR from Nov 2018, then it moved to Jark 2 in Oct 2020 (footer on site changed so fully compliant) - Sourced obviously traded throughout that period until Feb 21 when FCA restricted Rebs AR
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adrianc
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Post by adrianc on May 31, 2022 10:57:09 GMT
Yeh, my "local" one just has a very vague location and a person's name on the site (who a quick google finds no more information on). The map location provided is in the middle of deep forest. The only building within 600m is a special school, then an upmarket hotel. The nearest houses are almost a mile away, probably barely into double figures of properties within a mile and a half radius.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 31, 2022 11:07:44 GMT
Yeh, my "local" one just has a very vague location and a person's name on the site (who a quick google finds no more information on). The map location provided is in the middle of deep forest. The only building within 600m is a special school, then an upmarket hotel. The nearest houses are almost a mile away, probably barely into double figures of properties within a mile and a half radius. Yeah , there is one apparently trading out of a park in Southampton, one seems to be under a bridge in Liverpool - guess they dont do 'walk ins' 
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Post by stemoss004 on Jun 9, 2022 9:27:55 GMT
Hi, I have posted on here in the past but as a reminder my name is Stephen Moss I am the MD of Sourced Group which includes Sourced Capital. I wanted to update you on our journey and respond to some of the messages that have been popped up on the forum, always happy to provide feedback and listen to suggestions to create a better platform and investor experience. Initially Jark 2 limited trading as Sourced capital was a AR to Rebuilding society, we instructed Thistle initiatives to work with our business in preparation for a direct authorisation application. During this time we met with the owners of Peer Funding Limited, there directors shared the same vision as us and held skill sets that would support our business. After many months of getting to know each other we agreed to purchase the business. Before this could be completed we had to have the change in control approved by the FCA, this process took almost twelve months in which the FCA were extremely detailed ensuring that as a business we had the correct procedures, policies and experienced team members in place to operate a regulated platform. A key driver of the FCA for approval was to evidence the financial stability of the business. We have not hidden the route we have taken to become regulated and for anybody that believes this is a easier route I urge them to attempt this themselves or review the statistics of companies that apply for change in control compared to those that achieve it, they are staggering. I have added comments to some quotes below with the view that we are constantly looking to improve our business and take on constructive feedback. Firstly, I'm not hugely confident in their ability to keep a watchful eye over the project and sign off tranche funding as and when works are complete. Approaching this openly can you explain your comment. As a business we have fully repaid over £15m capital and interest to date, with zero losses. We have a experienced credit team who monitor our loans, we are one of the only platforms that share the monthly monitoring QS report to be open and transparent. Our team also have in house project managers and QS's providing additional support. There is also a pretty substantial conflict of interest when the borrower is the managing director of the funder. Thats a bit like Rishi Sunak deciding what tax rates he should pay (oh wait he has  ) Fully appreciate your comment, it is something we are aware of and feel we have addressed however we are open to your thoughts. I am sure you can appreciate this is not uncommon with other financial structures. To expand on our procedures we have a credit committee in which I am not part of to ensure there is a separation for any decision, we are transparent on the credit report that is shared with investors and added to the platform for review. We have also launched a video on the latest project which again makes the position clear. It would be good if you could expand on ways we can make this more transparent, we are mindful of not promoting this in certain ways as we don't want investors to feel its a safer investment because I am the borrower, we want the message to be clear hence we have stated this in the credit report. I'm not saying Sourced Capital is dodgy or care one way or another but in finance there is always a fresh supply of uninformed and gullible people with an inexplicable amount of money. I'm not sure what this company has done to persuade people to part with their money based on the details above.
Our investors are not uninformed or gulible people, we only deal with high networth and sophisticated investors which is different to alot of other platforms who deal with restricted investors, we don't. Investors have to pass an appropriateness test in which they can only gain access if they get 100% of the answers correct, again it is common on other platforms to allow investors that get questions incorrect to still invest. To expand on this over 75% of people who take our test fail and do not go on to invest, this reflects that our process is not built to let everybody invest and in place to protect people. ...and they're spamming another one - "60% funded in 15 minutes", allegedly... Happy to look into why you are receiving these emails if you feel they are spam, you can unsubscribe at any point, if you message me your email ill have it removed. The email was sent out following feedback from investors who had missed out on opportunities and wanted progress reports so they could invest. The statistics and figures in the emails are correct at the time of release. Yeh, my "local" one just has a very vague location and a person's name on the site (who a quick google finds no more information on). The map location provided is in the middle of deep forest. The only building within 600m is a special school, then an upmarket hotel. The nearest houses are almost a mile away, probably barely into double figures of properties within a mile and a half radius. Yeah , there is one apparently trading out of a park in Southampton, one seems to be under a bridge in Liverpool - guess they dont do 'walk ins' Thank you for highlighting this, we currently have over 160 franchisees across the UK, I have reported the mapping software to our developer to review. Some of our franchisees do work from home or serviced offices, i am sure you can appreciate this isn't uncommon with franchise structures or how the world has changed over the past couple of years, if you have a genuine enquiry for any of the franchisees feel free to contact them and I sure they will confirm there position and how they can help.
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adrianc
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Post by adrianc on Jun 9, 2022 9:47:37 GMT
...and they're spamming another one - "60% funded in 15 minutes", allegedly... Happy to look into why you are receiving these emails if you feel they are spam, you can unsubscribe at any point, if you message me your email ill have it removed. Since I have never invested with you, and don't remember ever signing up with you, I've PM'd you my email. If it ever finds its way back onto your list, I will not be in the slightest surprised.
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Greenwood2
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Post by Greenwood2 on Jun 9, 2022 10:08:00 GMT
I don't understand the franchisee structure, are these people or companies that introduce borrowers to Sourced Capital? Do they monitor the borrowers? Or how do they fit in?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 9, 2022 10:47:39 GMT
I don't understand the franchisee structure, are these people or companies that introduce borrowers to Sourced Capital? Do they monitor the borrowers? Or how do they fit in? To some extent they appear to be the borrowers
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Greenwood2
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Post by Greenwood2 on Jun 9, 2022 14:29:49 GMT
I don't understand the franchisee structure, are these people or companies that introduce borrowers to Sourced Capital? Do they monitor the borrowers? Or how do they fit in? To some extent they appear to be the borrowers Do you get to know which projects are linked to which franchisee? Seems an odd way to define sourced offices if many are actually addresses of franchisees/borrowers.
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Post by stemoss004 on Jun 12, 2022 8:01:33 GMT
The Sourced Franchise structure is a network of franchisees, they are independent businesses that are provided services from the franchisor.
The services include business support, training, software, property leads, funding, franchisor experience, legal documents and investor leads.
When a franchisee finds an investment opportunity, they have two options they can either package the property and sell it to an investor or they can do the project themselves. If they decide to package and sell the property, they pass this to Sourced Property who have a sales team and introduce the property to pre-qualified investors who pay a sourcing fee, this fee is split between the sales team and the franchisee, these properties are also uploaded to the Sourced Property Investment App.
If the franchisee decides they want to do the project themselves it is submitted to the Sourced Capital team our FCA regulated peer to peer lending platform, if the project passes the due diligence process supported by independent professional reports i.e. valuation etc, it is added to the platform to raise funding. Investors are offered first charge security on the property with a typical return of 10-12% PA.
The model is unique as we only lend to franchisees, franchisees are not guaranteed funding as part of the franchise, they have to go through a detailed due diligence process. Franchisees are limited on the amount they can borrow based on there experience, we believe only lending to franchisees gives us a greater understanding of the borrower and reduces lending risk which has led to our 100% repayment record.
Hopefully this summary has answered your query but if you have any further questions I am happy to answer them.
Best regards
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We utilise REBS as an umbrella for the FCA registration whilst working on a direct application.Jark-2 gained a registration in September 2019, but ceased that registration at around the same time as Peer Funding Ltd gained the directorship of that director. Jark-1 has never had a registration that I can see.
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