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If buying property together with a small number of parties - pooling funds, should you be aware of any rules surrounding Collective Investment Schemes.Thanks.
I'd say John Corey is your man regards this. He used to be on the forum, not sure about now - property fortress is his website I think?
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From a lender’s perspective, if a few friends (up to four usually) want to put their money together for a deposit and buy a rental property (in personal names or limited company perhaps) then there are lenders who will entertain that. But if the group grows and applications come in where only a few members of the group are going on the mortgage then lenders will start to decline such a set up – probably for the nature of the collective scheme.
I have also done a quick bit of research and found that some collective schemes are being looked at by officials/regulators as they may be pyramid/’Ponzi’ schemes which are generally to be avoided. I don’t know about the actual scheme in question but I would suggest strong scrutiny and due diligence before becoming a paying member.
I hope this helps,
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This collective investment scheme did not work out too well for those who got involved:Bankrupt couple raise £7.8 million via P2PPooling investors' money is a highly regulated activity and anyone doing it has to be FCA regulated. Financial communications and promotion are also a regulated activity and have to be undertaken in a certain manner to be compliant.Finally, due diligence on an individual before parting with any money will always mitigate your risk of getting involved with a dodgy scheme.
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