In this Deals, Deals, Deals Podcast Series, we go Behind the Scenes on some of the UK’s most Creative, Lucrative and Award-Winning Deals 🤩
In this episode, I am joined by Chris Chadwick and Richie Miller who have been awarded the Property Entrepreneur Deal of the Year by their peers twice now and we go through their latest deal which they have just completed on.
Chris and Richie have been part of Property Entrepreneur together for 4 years and have gone from strength to strength. They now focus on doing larger deals using none of their own funds, mentoring on how to do that and also their Self Storage business.
This deal is a great mix of a motivated seller, who Chris had built a long term relationship with by managing 16 of their flats which needed updating, a unit which was leased to We Buy Any Car which they renewed, a MOT centre at the rear with planning potential and a used detached building which has a planning gain.
They also had an investor, who was lending them the equity required for the bridging, pull out just before completion and then managed to negotiate vendor financing as well as finding a bridging company that would lend on the valuation as opposed to the purchase price.
Here are the numbers:
Valuation: £1.7m
Purchase Price: £1.35m
Vendor finance: £450k at 11% paid monthly from the rent
Refurb £250k + £50k for the detached building
Costs and rolled up interest: £200k
Gross Development Value: £2.6m
£5k pm / £60k pa cashflow after refinance and no money left in.
Chris and Richie will be hosting open days at the site in Sheffield on 24/10 and 21/11.
Want to contact Mark or his guests?
www.thepropertybrokerage.co.uk
mark@thepropertybrokerage.co.uk
Chris Chadwick
Chris@ettiford.com
Richie Miller
Richie@gerisa-group.com
www.linkedin.com/in/richie-miller
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