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Omega Property (Formerly SBS Ltd.)
I am not professionally trained to give advice, generally posting for the benefit of the community or my own personal development.
Take a look on Companies House, see who you're dealing with, this company is ran by SL who has had a lot of negative information posted about him, i would proceed with caution ...
I'm suprised he wasn't trying to charge a Finders Fee for that opportunity too!
He doesn't state on the mailer whether your lending to Better Sourced Ltd or himself, one of his mentees / partners projects? fellow SL Academy Members?
It's one thing to be selling package deals as they do but looking to reach out to his client list for funding projects I fear will only end in tears for someone.
Extensive Due Diligence and Specialist Legal Advice is required if you are considering this type of lending/loans.
Proplend has just replied to a similar post on the Risks of private first charge lending/loans? thread so, thought would repost his answer here.....
Lending the money is the easy bit, whether its secured by a 1st legal charge or not.
Making sure that the borrower pays you the interest they agreed to and when they agreed to, monthly / anually etc and that the borrower repays the loan in full and on time, is the difficult bit.
So the very basics are:
Lending risks include:
Property debt can be the safest property investment if conducted correctly. The lender has a 1st legal charge, sits ahead of the equity (who provide a cushion of a minimum of say 25% if the property were to fall in value), is first in line to be repaid when the property is sold or refinanced and requires the borrower to get permission for any changes to the property.
Remember, until you own a property unencumbered, whilst your name may be on the title deeds, the lender of record is in a very strong position.
One thing it does show Daniel, is that his marketing reach is working with two people looking to get clarification / advice just from this site.......
I struggle to understand how anyone could agree to lend £45K with so little information provided. It's a significant sum of money yet you are expected to make up your minds with lack of detail and there's a clear sense of urgency for you to do so.At least two people had the sense to ask for community feedback - but I fear you will be in the minority.Also - a general comment about these kind of communications - if 20 people respond and all offer the £45K are 19 of them going to get turned down?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
You need to TEXT them immediately and then they'll call you back........they want the money 48 hours.........as you say I wonder how many they actually engaged.
Very concerning, It's one thing to be selling package deals as they do but looking to reach out to their client list for funding projects I fear will only end in tears for someone.
All views expressed are my own and do not represent the opinion of any entity which I have been, am now, or will be affiliated. I am not responsible, in any way whatsoever, for the use of the information contained in or linked in the post.