Residents can invest in Barking residential development
- Credit: Archant
A property company is looking for public investment into a new residential development in Barking town centre.
Residents aged 18 and over can buy mini-bonds in the building next to Barking Magistrates Court, in Ripple Road, as property investment group LMSL aim to source £9million.
Offered through crowdfunding platform CrowdBnk, the East London Property Bond is a five-year, initial fixed-term mini-bond offering an interest rate of 10 per cent gross interest, for investments starting from £1,000.
Secured against the site – independently valued at £10.25 million – the income is generated from LMSL’s capital-wide property portfolio built up over the last two decades.
LMSL founder and chief executive Lahrie Mohamed said: “We are delighted to offer this mini-bond to investors keen to participate in the ongoing expansion of some of the most attractive areas of London’s booming property market.
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“As a business which has spent 20 years investing in property across London, we believe strongly in the attractiveness of the asset class and its ability to generate attractive returns for investors over the long-term.”
Have until the end of the month to reach the remaining £7million.
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CrowdBnk founder and CEO Ayan Mitra said: “Having helped a number of businesses raise over £17m from investors, we are delighted to launch the East London Property Bond.
“We vet all investments which we promote extremely carefully, with investor protection pivotal to what we do.
“Having met with Lahrie, we believe we have found a company which firmly believes in both the long-term potential of property, and in the concept of crowdfunding to provide retail investors with more access to fast-growing businesses.”
Visit crowdbnk.com for more information.