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First Buy2LetCars loans complete
The very first individuals who lent through Buy2LetCars have received their final repayment on their loans. These individuals will have received 33% interest over 3 years. New lenders can achieve an amazing 14.65% AER over 3 years. The P2P money website has an exclusive £50 cashback offer for new lenders who sign-up and lend through Buy2LetCars, as if further motivation was required!
Here is the full press release by Buy2LetCars:
It gives us great pleasure and immense pride, to announce that Buy2LetCars have delivered exactly what we set out to do in the Summer of 2012.
We are delighted to be fully engaged in completing the final lump sum payments to the funders who initially backed our business by entrusting us with their hard earned money to start the ball rolling in funding cars.
From now on we will be drawing cheques every month in favour of our investors as we repay them the promised final payment.
Rumman Sohail, our very first client who, having attended one of our presentations looked us in the eye and simply asked, 'If I give you my money, are you going to do what you have just shown me?' The answer was YES! He went on to inform us that this was money he was saving up for his kids' schooling. Mr Sohail works in the banking world in Canary Wharf, the business idea made sense and he backed us, the underdogs at the time. It was such a joy to hand over his final payment and say thank you for believing in us when there was no evidence for you to use as a reference point. We are immensely grateful for that leap of faith.
Business owner Nadeem Shokat started with 1 car funded in the summer of 2012. He has now funded additional cars through Buy2LetCars and has received his payments on time every month including his final lump sum payment. Mr Shokat is an entrepreneur supplying very fine doors to high net worth clients through his business. He has recommended friends and family to fund vehicles with Buy2LetCars.
The past three years has been a roller coaster ride of late nights, hard work, persistence and dogged determination in delivering on what we promised. Thankfully, while we had 'doubting Thomases' in abundance a few people looked us in the eye and gave us a chance to achieve what we set out to do. Thank you, to those clients in 2012 who decided to look at the plan, ask questions and once they were satisfied with the answers, gave us a chance when there was no reference point and the idea was very much then just a concept.
The business was started in a serviced office in Buckingham Palace Road, Victoria, London. We (Reg & Scott) occupied this address for a few months and our mentor challenged us to move the business to a spare room in my house in Mitcham in October 2012 to save costs. We did this reluctantly kicking and screaming all the way home!
There we built the business, one phone call at a time, one home or office visit at a time and within a few months business was growing and we needed to have a proper office where interested parties on both the funding side and leasing side can pay a visit.
The team swelled from a two-man team to a total of five in 2013, working from the office in West Wickham. Amidst all the negative forum chatter from idle hands who had never dealt with Buy2LetCars and several other obstacles we persevered and a lot more people believed and loved what we were doing, from them getting a fantastic inflation-beating return to approving of the leasing solution we provide to the wider public who are being taken advantage of by unscrupulous dealers and loan shark car finance companies.
Here we formed direct manufacturing relationships with:
Hyundai, Nissan, Vauxhall, Toyota and Mercedes Benz. It was also from here that we formed a very lucrative relationship with Uber (the taxi app firm owned by Google and Goldman Sachs). Today we are the number one supplier of Toyota Prius' to Uber, thanks to our funders who have taken keen interest in funding these Prius'.
In January 2015 we moved to our bespoke head office on a beautiful landscaped farm in Godstone Surrey. Staff levels have now grown to 25 during in the first half of 2015.
The Uber relationship has been so lucrative that we have been able to triple our lease income in the first 6 months of 2015, and grows each day as new cars are leased. As this relationship has grown stronger we have now secured a 1.5 acre site in Kent that holds 250 cars, this has enabled us to offer same day service, from application to delivery all within 12 hours! I think you would agree with me this is exemplary for a new car delivery.
We are also proud of the many accolades, awards and recognition that has been showered on us by doing the right thing.
So regarded by Toyota, as CEO of the business I have just returned from the Frankfurt Motor Show where I was personally invited by them to be their guest and attend the launch of the new Toyota Prius.
Our thanks and gratitude go out to all our clients both on the funding side with Buy2LetCars and the leasing side with Wheels4sure. We are proud to say that since inception our leasing arm has been averaging 96-99% client recommendation, the highest in the industry! Thanks to the funders for providing the cash needed to lease out those cars to the public.
It is with great pride that we are able to say that Buy2LetCars is no longer considered a concept, the business is real and final lump sum payments are being made this month and every following month as we have now firmly entered the three year repayment cycle in full swing.
We are proud to say our funder default rate is 0% and will remain so and our lease portfolio on 1000 cars is performing at 96% timely payments and up to date accounts.
It has been a wonderful walk down memory lane bringing you this update on our journey. The question I would ask you today as you read this, did any of your investments perform at 33% return over the term since 2012? If the answer is no and you want your money to grow at this rate, please contact us today and fund from £14,000 to £25,000 per unit to get your cash motoring at inflation beating returns today!
Is it not time you got your money working harder?
As with all other peer-to-peer companies, lending on Buy2LetCars is not covered by the Financial Services Compensation Scheme and capital is at risk.