Meet Sarah, Sourced Scarborough Franchisee and learn about her property conversion projects.
Sourced Network franchisees come from a variety of backgrounds. There are newbies, who understand the earning potential of property but need help to get started, seasoned investors, who wish to expand into new investment strategies or property professionals, who join to utilise funding to move into developments.
Sarah Corrie was an English teacher, loving her career and enjoying working with her pupils. She’s always had interest in property though, and after several years in the classroom, she decided it was time for a change. “I came across Sourced Franchise back in 2019 and after one meeting with Stephen [Managing Director], I knew joining Sourced was exactly what I needed!”
Sarah came onboard as Sourced Scarborough, having chosen her local area as her territory. The franchisee’s property journey started with attending her Franchise Induction Training in May 2019. “I am drawn to old and unusual buildings that I can bring back life into.” Sarah admits. “On my last day of induction, I came across this historic building in Hull, which turned out to be a former Dutch Embassy. I knew that was a project for me!”
Having compiled all due diligence, Sarah decided to utilise Sourced’s funding facility, Sourced Capital, to raise funds for the project. It took just 3 weeks to raise £647,000 and the conversion works began. The complex building is being turned into 12 luxury apartments, which will offer excellent access to the city centre. Upon completion, Sarah is looking to sell the apartments and release a profit margin of 33%.
Alongside the Hull conversion, Sarah is also working on another project, located in her hometown, Scarborough. “My builder knew the owners of this dated guest house, which they were keen to sell.” Sarah said. “After one look, I knew this was a perfect project for me. The seaside location is a hotspot for visitors, so I am turning the property into 3 self-contained serviced accommodation apartments.” Again, Sourced helped Sarah to raise funds for the purchase price and development costs for this project, which is set to complete within just 6 weeks.
“Fortunately, Covid-19 hasn’t had much impact on my projects, as we have got all the materials and since the construction industry can continue, we are on schedule with both projects.” the franchisee confides. In the future, Sarah aims to work on more similar projects, following her passion for turning old buildings into spaces that people can enjoy again. “I wouldn’t be where I am without Sourced.” Sarah admits. “I would recommend this franchise to anyone who wants to pursue their passion for property.”
- Raised by Sourced: £647,000
- Purchase Price: £410,000
- Cost of Works: £360,000
- GDV: £1,025,000
- Profit Margin: 33%
- Raised by Sourced: £244,000
- Purchase Price: £180,000
- Cost of Works: £82,500
- GDV: £490,000
- Profit Margin: 38%
Download the Sourced Network prospectus to learn more about the opportunity.