It is two years since we first highlighted Thor Portess who explained in an extensive and enlightening interview back then just how he was using some Option and Delayed Completion Contracts to enhance his investment returns.
Some of the deals were around London, which we highlighted in the magazine, and as Thor explained a few weeks ago to me, they have now resulted in quite substantial returns on the cash invested, with substantial equity gains being achieved by him and some of his joint venture partners. One of the deals in north London which was structured using a Delayed Completion contract has seen a gain in market value well in excess of £200,000. In addition the unit has also delivered very strong monthly cash-flow in the intervening period.
I caught up with Thor recently at one of his current projects, where a four month major refurbishment has been successfully concluded, to hear in detail about the deal and to hear how he has progressed with his property investing activities.
"When I first started doing creative structured deals", said Thor, "the market segment I was in wasn't very liquid and there wasn't a lot of equity in many of the properties that I was looking at from motivated vendors, some of whom have been caught out by the 'credit crunch' in 2008.
"I primarily provided an exit by helping vendors to sell using Options and Delayed Completion Contracts and sometimes offered a modest BMV and then added value through refurbishment and or financial assistance to buy when it was time to get the property sold."