Property Investor Required

theGrinch

I am looking for a property investor to join me on a renovation and conversion project.

Does anyone know where I can post for one?

yonk

Estates Gazette? https://www.buildstore.com & some of the other self build magazines....? Not sure, what's the project??

theGrinch

Yonk

thanks for that.

I have sourced a property in the central london area ripe for renovation and possible conversion.

Looking for an investor to come in on this with me. You will need £2 million in finance. I have my own building team ready to carry out the works so they can get started straightaway. The estimated selling price is £2.8 million.

Ideally, I would be looking at completing this project in 4 months for a 50-50 profit split selling on completion. The second option for an exit strategy is to let out the flats and remortgage to release equity.

yonk

Wow!

Good luck.

Pal

If the return is fairly certain, could you not put a business plan together and approach a suitable lending institution yourself? No-one is going to have £2m sitting around in cash, so you are going to have to produce a business plan anyway for someone else to get the financing, so why not do it yourself?

theGrinch

why seek a business angel?

1. risk n return
2. speed
3. future projects.

and given all the money saving tips on this site, Im sure someone has saved the required amount

Pal

Borrowing £2m against a property is not that difficult if the financials make sense. If you are concerned that the risk is too great to want to do it yourself, then any angel investor is going to want a lot of analysis and reassurance before agreeing to anything. Raising the cash yourself will almost certainly be faster, and would not prove difficult if the financials make sense.

There are lots of angel investor sites on the interwebulator, but your best port of call would be your local library.

theGrinch

indeed, but its only rational to use as many sources as possible.

yonk

I'm sort of in agreement with Pal. As you will know, property development should always be done with OPM. But I would look to an angel for a deposit and a lender for the balance, particularly as you have a short timeframe for the project. You should then end up with a better personal profit

Specialist lenders can push through a loan really quickly and are much better to deal with than retail banks.