The hammer comes down on auction day and the new property and the prospects it brings are yours. At this point it is important to have proper finance in place. And at Affirmative Finance, we have the funding and the speed needed to secure an auction property.
For over a decade, we have provided finance to private individuals, property developers, financial intermediaries – and self-build groups or individual entrepreneurs who our team of professionals and underwriters see it makes commercial sense to provide with a bridging loan.
What you need after the gavel
When you buy a properly at auction it is important to have a financial ‘blueprint’, or plan in place. After the hammer goes down, you are usually expected to pay a 10% deposit straight away, and then to provide finance for the purchase within 20 days of the auction itself.
Perhaps you had planned to pay with personal funds. Perhaps you had some other method of finance planned. Perhaps you had a mortgage in principle, where you pass the first stage of an application with the bank, and then the bank let you down.
In any case, the last thing you need after the auction is an issue with finance.
When do I use property auction finance?
From our case studies: A solicitor saw a property in an auction catalogue and wanted to buy it as an investment. The property needed some work and in advance of the auction he needed to know how much he could afford to bid. We asked about the property he wished to purchase and provided him with a credit limit to bid with.
Our customer was successful and, in the 14 days that he had to complete the deal, we arranged the bridging facility to meet the cost of both the purchase and the improvement work.
In your own situation, you can use short term finance from Affirmative to:
- Borrow between £10,000 to £5 million
- Get the deal to completion when the bank lets you down
- Fix-up and maximise the prospects of a new property
- Find funding before, during or after an auction
- Gain speed with a fast decision – perfect when you have only days to complete the deal
- Be in contact our team of underwriters and professionals when you need them
Your property auction finance
Because the last thing you need at auction is an issue with finance. That is when we can help. If you complete a successful application for a bridging loan, Affirmative will put property auction finance in place to complete the auction deal.
To find out more you can contact us by telephone, email, Skype, or on our online chat facility. We will talk about your situation and the project. Where you meet the conditions you will get the funding you need, and have the money as soon as possible, for your property auction purchase.
Loans may be regulated by the Financial Conduct Authority (FCA). If your loan is regulated we can deal with your application. It must be submitted through an FCA regulated intermediary.