A crowdfunding buy to let platform has linked with a developer in what is thought to be one of the first partnerships of its kind.
The crowdfunding firm, Property Partner, has bought four four-bedroom new-builda from a Hastings-based builder, Nexus Build.
Property Partner acquired the four properties, its first purchase outside London, at what it describes as a discounted price of £261,250 each, or £1.045m in total.
It says the total forecast rent for all four properties is in the region of £4,800 a month.
All of the properties are expected to be income-generating within three weeks with a net income of 3.24 per cent.
“While the properties offer a good net yield and immediate capital uplift for investors, they also serve as a template of how we can inject liquidity into the market. Smaller developers typically lack the balance sheets and financial firepower to build stock as fast as they otherwise might but by bulk-buying in this way, and off-plan, we can massively speed up the development process” says Property Partner’s chief executive Dan Gandesha.
The purchase has enabled Nexus Build to pay off its loan facility and contractors and move onto its next project.