A self-professed millionaire landlord has posted YouTube movies the place he describes authorities bounce-back loans as “free money” and inspired entrepreneurs to take them out to purchase property. Paul Smith, founding father of Touchstone Training, has 12,000 followers on his YouTube channel, the place he posts common movies for wannabe property traders.
On the video Smith, who based on the Touchstone web site owns a serviced lodging enterprise with a turnover of £2.2m, boasted he may take out £50,000 bounce-back loans for 12 of his 17 corporations.
He mentioned this might permit him to borrow £600,000 to purchase £2m of economic property. He then described how he may make £200,000 a yr from these properties, and pay again the loan in three annual instalments.
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The British Enterprise Bank mentioned