Could you explain kind of how that, how that works?

Sure.

So the way, [clears throat] the way we've been doing this over the last sort of few years, um, and I should say it has changed slightly recently, but the way we've been doing it is initially we were buying these on bridge.

Um, and that was because there was no mortgage products available at the time to, uh, to do what we wanted.

And the what we wanted bit was finding a block of flats, and I'll always use the, the million for, for ease of math.

So we'd find a block of flats that's on the market for a million as a freehold block.

Um, and then we'd look at the individual flat prices, so the, the aggregate value or the title split value or the GDV to the developers out there.

[laughs]

So what's your title first? And then what's a split?

Why is that? Why do we need to know that? You're right.

Let's break it down.

So I tend to focus in title splitting on blocks of flats.

You can also look at multiple houses on one title, but let's focus on the blocks of flats because that's very much my specialism.

Maybe you found a block of 10 flats.

It's on one title.

Title split to blocks of flats translate into