Summary
Dot Residential operates an ecommerce model for buy-to-let investment, bulk-purchasing properties from developers and furnishing them to hotel standards. Investors provide 30% deposit while the company finances the remainder through its own 'Instant Mortgage' product, holds properties in a special purpose vehicle approved by EY, and manages lettings and maintenance.
Co-founder Gray Stern, previously founder of London mortgage lender Landbay, relocated the business to Manchester last year after determining London's market had saturated yields and limited capital growth potential. The company currently holds 20 properties across Manchester and Liverpool, funded by $3m raised primarily from US investors.
Stern cited Manchester's growing professional rental community and 'generation rent' demographic priced out of homeownership as key to the model's viability. Dot plans expansion to Leeds, Birmingham and Bristol, and is exploring US secondary cities including Austin and Denver.
Read the full story at Manchester Evening News
This is a summary written for the Manchester Business Services register. The full article belongs to Manchester Evening News — read it at source.
Common questions
- What is this article about?
- Dot Residential, an online investment platform based at Canada House in Manchester, allows investors worldwide to purchase furnished rental properties with a 30% deposit, with the company handling mortgages, lettings and management. The business moved to Manchester from London last year, citing better rental yields and investor appetite in the city compared to the capital.
- When was this published?
- This article was published on 11 June 2019.
- Who published this article?
- This article was published by Manchester Evening News.