Entrepreneur provides lady £99k funding as banks ‘put initiatives in danger’

Self-made multi-millionaire Samuel Leeds has already agreed to nearly £3million in loans and is inviting aspiring entrepreneurs to pitch for a slice of the money.

He is difficult excessive avenue banks which he claims are cashing in on prospects by investing their financial savings in property – whereas usually refusing to lend them funds to do the identical factor.

Mr Leeds, who runs Property Investors, is providing the identical rates of interest as the most important banks and has already agreed nearly £3million in loans, of which £1,150,000 has been paid out.

He expects to have emptied the £11million pot inside a 12 months and by then have recouped the cash to have the ability to go once more and assist extra individuals.

So far the property entrepreneur has granted seven candidates grants for his or her companies.

Claudette Johnson, from Birmingham, was the primary individual to have a mortgage accepted. She utilized for £99,000 to refurbish her funding property in Nottingham and add worth to it.

The home, which she paid £258,000 for at public sale, has 0.3 acres of land on the again the place she can also be hoping to construct three residences.

She mentioned: “I’m exploring that option and I could be back at a later stage to apply for another Samuel Leeds loan to help with that because the process is so much faster.

“I had previously been trying to get a loan elsewhere and after four traumatic months, it had still not come through. It was also costing me extra money in additional actions I had to take.

“Generally, I think the amount of time banks take to get through the loan system is putting investors’ projects at risk. This has come as a godsend to me.

“Other lenders’ criteria are often too complex, long and inconsistent. They keep moving the goalposts which puts pressure on investors unnecessarily.”

Mr Leeds has amassed 159,000 Instagram followers and 430,000 subscribers to his YouTube channel alone. He has been capable of stay profitable as his goal is to assist abnormal individuals get on the property ladder.

He began out with nothing however has been capable of develop his web price to over £20million

He continued: “My team and I will be vetting applications for investment schemes to make sure they are viable. We will also be giving guidance to investors on their deals.”

He added: “A lot of people find good property investment deals but fail to get the finance for them for reasons such as they’re too young or they lack experience. What we look at, as property experts, is whether the deal stacks up. If it does, we’ll lend the money and that way we’re filling a big gap in the market.”