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  • Peer to Peer Lending

    Jaevee - property courses

    Has anyone heard about Jaevee or attended any courses with them?

    They seem to offer development courses which is quite rare.

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    What I think is rarer is that they are offering 100% finance.

    I am really struggling to understand why they take such a significant risk.

    So, in essence, I don't understand their business model especially with regards to them not requiring the investor to have some skin in the game and also with regards to them creating the SPV.

    Of note .... On the training page, the 100% finance is offered after they have taken the course and they also offer a "deal sourcing" course for those who are looking for projects that they can then apply to get 100% finance for.

    You have have to pay £210.00 plus VAT to submit a proposal and you can pay an additional fee to have your proposal "fast tracked to the top of the queue to be analysed first".

    You also have to use their mortgage broker, which means you cannot get independent advice.

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    Hi Vanessa,

    Pleasure to acquaint, and thank you for taking a look around the website. I'd certainly urge you to go a step further and create a free account so you can have an in-depth look at the platform.

    To address a couple of the points you have made: Yes, we offer 100% finance. This is offered to experienced property developers. It is not compulsory to complete one of our workshops in order to gain 100% funding, though if one has no experience they will need to be educated. Similarly, would you drive car without obtaining a driving license.

    Traditionally, senior debt lenders wouldn't consider funding a developer without experience, be it physical experience as a developer or theory experience in training or as you correctly stated anyone without 'skin in the game'. Hence why JaeVee was created. It's our experience and project management support to the developer that is considered part of the development team's experience, ensuring the deliver-ability of the project. In relation to 'skin in the game' from an investor's perspective, it does offer some comfort that the developer is committed to delivering. Though does it ensure it? Should you joint venture with an experienced developer who is half way through and suddenly dies or doesn't perform what do you think the senior debt lender will do? They will repossess and attempt to sell the project at auction. Most would tend to agree a project 50% built is likely to be worth less than one paid for it thus meaning the senior debt is exposed, therefore what would be left in the pot for investor returns? The answer is little to nothing. With JaeVee should the developer not perform or become incapable we're able to take over the project and ensure deliver-ability. This would ensure the repayment of the senior debt, investor capital and forecasted returns. It's that additional security blanket not currently being offered in the UK that is giving comfort to our panel of senior debt lenders and investors.

    As you can see there's a lot more to JaeVee than the USP of 100% funding or training. The training is a small part of our business, our main business is joint venturing with developers in delivering profitable projects in the UK. Where the bulk of our revenue comes from. We're more than happy to offer you a complimentary ticket to the JaeVee Discovery Day so you can  find out more about our business and what we offer.

    For some feedback on our courses, please have a look at these video testimonials from recent workshops completed:

    • General :  vimeo.com/271275931
    • Property Developer Entrepreneurs Workshop: vimeo.com/270381927
    • Property Sourcing Alchemy Workshop: vimeo.com/270389313

    Looking forward to speaking with you further, and hopefully meeting you at our next Discovery Day as per my invitation above?

    Sincerely,

    Jason Gilkes

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    Hi Jason,

    Thanks for joining the conversation and giving some input, which is most welcome.

    I have already looked at the video testimonials, and, as per other "wealth creation" courses, it is just people saying how great the course was.  With respect, they are hardly going to say otherwise with a camera pointed at them, and if they did, its unlikely the footage would be used.  So "fresh off course" testimonials have little value in my book.

    It is not clear from your website that only experienced investors can apply for the 100% financing imho.

    I appreciate the kind offer to attend one of your days, but it is not something I would take up at this stage.  I tend to do due diligence via actual factual information and results, and once I have the answers I need, that helps me decide whether to invest my time in visiting a course.

    Please forgive my skepticism, but when something sounds too good to be true in property, it has always turned out to be the case.  I do hope that your proposition is different, hence my questions to try and bring clarity to that. 

    Your website makes a lot of compelling claims, but the company has only been in existence since May 2016 and does not have any charges registered against it and is in fact showing negative assets, which leaves me wondering which commercial entity your students/borrowers are JVing with?!. 

    If there are other SPV's you could direct me to that provide example of profitable projects being undertaken via Jaevee, that would be helpful in building the DD picture.  These should be SPVs with people who came through Jaevee, not the company director's own projects.

    The company number given on your website is also wrong. I believe it to be 10172481 - perhaps you could advise if I am looking at the correct company?

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    Vanessa,

    Appreciate the too good to be true comment, which I'd agree with if we were offering 100% funding in return for 100% of the profit. The fact is if anyone has completed a property development project before, there's a lot to it so offering 100% funding in return for 40% of the profits is realistic.

    In terms of how we secure various projects, these are ring fenced for obvious reasons. JaeVee is a platform which took 1.5 years to build hence why the company was formed in May 2016 as the founders were funding the technology from their pockets. We commenced trading / operations in February this year so one would anticipate it takes time to build up a portfolio of projects for one to view.

    Glad you do your own due diligence, wouldn't expect any different. It's unfortunate you wouldn't want to attend the Discovery Day. You would get the opportunity to see the team, technology and ask as many property-related questions as you'd like. This would indeed lead to you making a more informed view of JaeVee.

    Looking forward to your response.

    Sincerely,

    Jason Gilkes

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    Thanks Jason, what I take from your response is that there are actually no projects to view, despite your words - "The training is a small part of our business, our main business is joint venturing with developers in delivering profitable projects in the UK.  Where the bulk of our revenue comes from.​".  So there is no actual evidence of profitable projects?

    I did find three companies with Jaevee in the title, but they were not joint ventures and only one director.  This leads me to conclude that there is not currently any project of the format you are claiming in the pipeline.

    There is nothing wrong about being new and not having profitable projects because it's too early.  The video testimonials talk about visiting projects, and these must be the Director's own projects, and not one of the Jaevee format?  Again nothing wrong in that, if that is made clear to potential investors and students.

    I note that you did not answer my question about the company number.

    For the record, I don't need answers to property-related questions.  I am seeking answers as to the business model and whether it is proven or not?

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    Dear Vanessa,

    Thank you for your frightfully quick response.

    Happy to answer your queries, although some of your questions are based on extremely limited research on your part. It seems you have read the first page of our website, and this has given way to a lot of questions which are naturally answered throughout our website.

    To see the current profitable property developments our platform, please visit : jaevee.co.uk/invest/#properties

    With regards to the company number, you have the correct company number. The company is called Estateducation Ventures, and we trade as JaeVee. This is a normal practice within the business world. The other numbers you see are our FCA registration number and the other is our appointed representatives number with the FCA.

    Please feel free to hit me with any further questions you may have.

    Sincerely,

    Jason Gilkes.



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    I've actually looked at more than the front page, a bit of an assumption on your part that I hadn't.

    Perhaps you could send me the company numbers of the three SPVs currently listed on the JaeVee platform?  It looks like you are crowdfunding for them, and they are not actual projects bought to you by another developer? 

    Sorry if I am confused, but they seem to be your own projects that you want funded.

    The company number given on your website is FRN797322 which does not exist.   Perhaps you could explain the discrepancy?



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    Hi Vanessa,

    As stipulated in my previous message, the number you are searching on companies house is our FCA registration number (FRN797322). This will not return you any company details.

    For clarity, our company number which you mentioned earlier is in the footer of our website. This number is 10172481.

    Each one of the projects mentioned above, and on our website, has a dedicated SPV. You are entitled to carry out your own research on these. If you type "JaeVee" into companies house, you will easily find them.

    Sincerely,

    Jason Gilkes

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    Thanks for clarification about the company number.  My bad.

    I already did put Jaevee into CH, and I found three as mentioned, but they are newly incorporated with one director, so not much to go on.

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    Vanessa,

    Nice speaking with you.

    If you have any future questions, please do not hesitate to get in touch.

    Sincerely,

    Jason Gilkes

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