I hope you and your family are well and that you are managing to remain positive in these difficult and worrying times.
A large part of our business obviously involves operating an online platform which is one of the least affected areas of commerce in the current emergency. In fact as people are forced to self-isolate at home and have little else to do but watch TV and surf the internet we are seeing an increase in activity on the website. In the last four weeks individual visits are up by 75% and new registrations are up by 50%.
Also, as a property management business we are considered to be an essential service and therefore these activities are continuing to operate as normal. During the present lockdown conditions tradespeople are allowed to “carry out work in people’s homes” so our maintenance and refurbishment teams are still active. With modern technology our office staff are obviously fully able to continue answering the telephone and work on their laptops as normal at home. Please note however that response times may be slightly longer than usual.
Financially we are well capitalised and in a strong position. We deliberately operate on a small scale as this is the only way to keep the quality high, risks low and to ensure all of our projects are successful for everyone involved. We have a substantial amount of cash liquidity in our MangoPay account and Barclays bank accounts regardless of the actual capital values of the properties themselves. We have no other commercial loans or overdrafts.
Furthermore, we are in the extremely fortunate position through our associated lettings business, to manage over 500 properties. This provides us with tens of thousands of pounds of regular repeat income from management fees, servicing costs commission and maintenance income each and every month. If required, this income can be used to support Crowd2Let.
Crowd2Let Projects Going Forward Specific Information
We will to continue crowdfunding our currently available projects and would greatly appreciate your participation.
All of our live Buy-To-Let crowdfunded projects are let to good tenants and to date all rents continue to be received. However in the coming months some people may obviously struggle to pay their rent. We are currently in regular contact with our tenants and believe the effect of this will be minimal in our area of operations. As you may be aware the Government are also instigating assistance to tenants.
Unfortunately, in the coming weeks and months it may prove harder to sell our properties at the end of their investment timeframes. You will continue to receive your rental income, this current emergency will pass, the property will sell eventually. You still all own the tangible asset.
However, this also means that as the numbers of interested active buyers in the market may temporarily decrease in current months, we expect the opportunities to buy good development/flip properties at a very keen price will increase once the movement restrictions are lifted. We very much wish to be able to take advantage of these opportunities to as large an extent as possible.
I very much appreciate and understand the trust and faith you placed in us when making your investments with our company. We will only ever act in your best interests.
We greatly enjoy operating Crowd2Let. With your involvement it is an exciting and interesting business which enriches and benefits all involved. The current situation, however long it lasts, will be temporary and it will pass. We therefore look forward to building the business in the future over many years to come for the benefit of us all, investors, employees, tenants and the first time buyers who buy our little refurbished houses etc etc.
Any further questions please get in touch, firstname.lastname@example.org. Stay safe and well. Many thanks again.
All best wishes to you and yours.
Crowd2Let Capital Ltd