Auction finance is a great way for property developers to secure a below-market-value property, often from a motivated seller.
Putting up your hand and bidding on a property worth hundreds of thousands of pounds is a daunting prospect, even for experienced auction-goers. If you make the winning bid, you’ll usually have to pay a non-refundable deposit on the day, and you’ll have 28 days to pay the balance.
With a lot of properties nowadays clearing six figures in value, even a 10% deposit can be a significant chunk of cash. Property auction finance can help in a number of ways, starting long before you step into the auction itself. With auction finance you can arrange the funding in advance, so before the hammer falls you know how much your budget is, and even what specification of property the lender will fund.
Auction finance at a glance
- Short-term finance over 1 – 12 months
- Funding for residential investment, commercial property and land purchases
- Funding for non-standard construction
- All income types considered
- Up to 75% loan-to-value
Get an in-principal decision, in advance. To see how much you could borrow,
contact us for an in-principle decision so you can bid with confidence on auction day.
Contact the auction finance desk for a no obligation chat today.