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From Refurbs to New Build – Meet Sourced Franchisee, Nicola Hargreaves

Nicola Hargreaves is currently working on her third project as a Sourced Franchisee, utilising the exclusive funding platform. The franchisee’s long-term goal is to have a large buy to let (BTL) portfolio, while also operating a rent to rent serviced accommodation business and cherry-picking deals for a select network of investors.

Buying the First Investment

Nicola’s property investment journey started in 2011, when she purchased her first flip project, which consisted of a terraced property in need of refurbishment. A couple of years later, she purchased another terraced house to flip, which needed extending and a full refurb throughout to achieve a value uplift. Having successfully completed both projects, Nicola got the bug for property and decided to turn her new passion into a business.

Moving to Larger Projects

Rather than continuing to do small flips, Nicola decided to seek help from experienced property professionals and to get some training under her belt. That’s when she came across Sourced Network franchise, which not only provided her with training and ongoing support, but also a network of investors. “With Sourced, I got access to a ready-made framework for my business.” Nicola shares. “I am supported by the Head Office, plus I also get access to investors, and I can reach out to other franchisees.”. Like many other franchisees, Nicola also wanted to access the funding facility. “With the funding from Sourced Capital, I can do much larger refurb projects that I would not have been able to do otherwise.” Nicola admits.

Utilising the Funding Platform

Nicola’s first project with Sourced was a refurbishment of a 2 bed terraced house in Darvel,   Ayrshire, Scotland. The Capital team raised £34,900, which was used towards the purchase price of £33,000 and refurb costs. The forecasted GDV was £58,000, generating a profit of 18%. The property has now sold  for more than the forecasted GDV and the project has completed on time. The most recently funded project by the Ayrshire franchisee, is the conversion of a former police station into a 4-bedroom home, located in Auchinleck, Scotland. £141,500 was funded through Sourced Capital, to help with the purchase price and work costs. Upon completion, the new family home will be sold on the open market to release an estimated profit margin of 27%. The project is set to complete within 9 months, allowing 3 months for the works and 6 for the sale process.

Becoming a Developer

When asked about the next project, Nicola shares that she is in the process of acquiring a site that she plans to build 6 houses on. She adds that “building homes has always been something I have wanted to do and thanks to having gained experience on the smaller-scale projects, I am now much more confident”.

Sourcing for Investors

The franchisee is also helping investors passionate about refurb, flips and BRRR’s to achieve their property aspirations. Nicola sources properties for these strategies and is also able to coordinate and manage all works.  The latest acquisition on behalf of an investor is a 3-bed house in Ayrshire, which requires modernisation throughout. Once completed, should the exit be to sell, the expected ROCE is 47%. If the investor decides to hold and rent instead, then ROCE is 54%.

Get in Touch

Want to find out how Sourced can help you on your property journey? Download your copy of the Sourced Network prospectus now.


Sourced Marketing

Content Marketing Executive