I’ve finally done it! I’ve opened my own ‘bank’ it's called Samuel Leeds Finance! I’ve been working and planning this for 5 years, and now it is open for business. To celebrate its launch, I gave out over 1 million pounds in loans in a YouTube video, which you can watch above. With my new ‘bank’ I am financing my students' property investments, with no “previous experience” criteria and decisions made within a matter of hours. This means that more people have access to property finance, not just the already rich.
I highly recommend watching the full video (above) until the end, as it contains the stories of real people who secured financing for their property project. Watch carefully, as there are many pieces of valuable information in the video that can help you be a more successful investor. In this article, I will explain exactly why I started a new ‘bank’; who can get a loan and on what terms; and how the business is structured.
Why start Samuel Leeds Finance?
Banks have seriously lost the trust of the British public. They are more than happy to lend you money for a holiday or a wedding, but if you want to buy and asset that could give you are return, often ‘that’s too risky’! Banks take in your money, pay you a tiny amount of interest, and then invest the money themselves.
In the case of Lloyds Bank, it aims to be the UK's biggest private landlord! Do you think their priority is to lend you the money to buy property or to buy property for themselves? Isn’t it time for a lender that is there to help you buy an investment property without needing to jump through endless hoops and red tape? I think it is!
Who can get a loan and on what terms?
We are offering bridging finance to members of my Academy. We will be offering 80% Loan to Value, which is unheard of in today's market! The standard costs are a 1% admin fee, plus a 1% exit fee. Our standard interest rate charged on the loan is 1% per calendar month for the first 6 months and 1.5% for 6 months thereafter.
Generally, we will give you a decision in principle within 72 hours. We will handhold you through the process to ensure your deals have the best chance of success. What’s more, we don’t care where your deposit comes from, as long as it’s legal!
How is the business structured?
The term ‘bank’ is protected by law. The banking sector is extremely closed off to newcomers, and that often means a lack of competition is allowed in the market. That means we are called Samuel Leeds Finance, not Samuel Leeds Bank. We are a ‘bank’ in the colloquial sense in that we lend out money, however we don’t take in money as deposits. We also only deal with businesses, buying investment properties.
How do I get started?
If you are a member of the Academy, log into the Online Portal. Complete the “Rate My Deal” and Samuel Leeds Finance Application Forms. We'll get back to you with a decision in principle, usually within 72 hours. If you are not yet a member of the Academy, we would love to talk to you about joining! You can book a call with one of our professional training advisors, who will be more than happy to talk you through your options. If you are totally new to property, why not book on to my next training event? Tickets are only a pound!