Robin King, co-founder of Movewithus, is planning to raise money to launch a company that will help house builders get rid of their unsold properties.
The Sunday Telegraph reports that King aims to raise £8.3m for Residential Property Trading through a flotation on the Malta stock exchange.
The plan is to buy about 300 new homes a year in the UK at discount prices from builders with a glut, and sell them on within three months.
The report says he has secured money to fund deals and is looking for an annual return of 8%.
Comments
Errrr, why don't the developers simply drop the price of the houses and sell them themselves?
They want someone to get in the middle, buy houses at a bargain price, mark them up and sell them on?
Weird, I thought that's what their sales and marketing directors were for.
Please provide a story to comment on.