The head of a failed buy-to-let investment company has stepped in with his own money to prop up would-be investors.
Jim Moore, head of Instant Access Properties, is putting in an undisclosed amount to relaunch the company as IAP Global and secure properties for the 4,500 customers that had not yet completed deals.
IAP went into administration on September 17. The company informed clients of new off-plan properties, a service for which it charged an annual fee of between £7,000 and £10,000. It also took a finder’s fee of 3% on property sales agreed with the developer.
IAP has become a victim of the squeeze on mortgage lending, which has seen the availability of buy-to-let mortgages dry up, making it harder for new investors to enter the market.