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What You Need After the Auction
When the hammer goes down at auction, you are usually expected to pay at least a 10% deposit on your new property straight away, then the balance of the purchase price within 20 days.
The time to complete the transaction may be sooner depending on what your contract states. We will work to the timescales you need.
Many people turn to us after a bank has let them down at the last minute, or if their personal finances cannot cover the full cost of their new purchase. Whatever your situation, we will find a financial solution that works for you.
A Success Story
One of our many success stories includes a customer who wanted to purchase a property at auction.
He knew that it was a sound investment but that it needed a lot of work, so we looked into how much the property would cost to renovate and told him about the credit we could provide him with. This meant that he went to auction knowing he had the finances he needed. Our customer was successful and secured the property two weeks after the auction, which meant that he could begin the much-needed building repairs quickly.
Making Property Auction Finance Work for You
You can use our short-term finance solutions for many reasons at auction, including the following:
- Securing finance quickly
- Maximising the prospects of your new property
- Getting the deal to completion when banks let you down
You can borrow up to £3 million for your property auction needs. Additionally, if you need to secure finance before, after, or even during an auction, we may be able to help you. We often put in place pre-auction bidding facilities for our customers. If your bridging loan application is successful, we will put your property auction finance in place quickly so that you can complete your deal. Our team of underwriters are available to discuss the transaction with you right from the start and throughout the process.
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.
