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Auction Finance


If you are looking to buy at auction normally this process requires fast funding, in some cases you may even be required to provide ‘proof of funds’ to obtain a property purchase at auction we can potentially raise you up to 75% LTV for your auction purchase.

If you are looking into a project where a property will require structural work, renovation or a light refurb we can assist. More often than not property in a run down condition is not favoured for longer term financing and will require short term funding to be secured until the required work is completed.

Bridging Loans offer the flexibility of a short term solution to complete your purchase prior to completion of any remedial work allowing the property to be fit for a longer term product. Bridging loans also offer retained interest meaning you will not have to pay a monthly fee while carrying out your project.

Auction finance for the property developer.

Auction finance is a great way to secure a property below its market value, often auction property is a motivated sale and could be just what you need if your looking to kick start your property development journey. When starting out it is very important to manage your expectations for your first ‘flip’ or investment.

Auction finance can also be a very intelligent way for experienced and established developers to expand a current portfolio. Buying property below the market value can really be the difference to ensuring a profitable return on your investment.

Auctions can be a risky way to buy property, they are often sold on tight schedules and this can put on unnecessary pressure if you haven’t carried out your research.

How can I benefit from auction finance?

Raising your hand and bidding on property worth hundreds of thousands of pounds can be daunting, even if you have been to a few auctions it can still be scary. If you win the bid you will have to pay a non refundable deposit on the day usually 10% of your winning bid. Thereafter you will have 28 days to pay the remainder of the balance.

The timeframe for auctions is much shorter than a traditional method of purchasing property and it can be very difficult to get the funds together in time even with a portfolio full of property with plenty of equity it is important to consider the timeframe you have to complete the transaction. Auction finance is a flexible product with options available to assist with the initial purchase and then convert your facility into a longer term, traditional buy to let mortgage. The best way to approach your auction finance is to achieve a agreement in principle prior to auction. This will then give you a clear idea of your budget and the criteria when bidding on your desired property.

This method of auction finance is extremely helpful for you as a borrower – you will have a clear understanding of how much you can borrow and what specification of property the lender will fund.

Auction finance is it the right product for me?

If you want to buy at auction and have your capital tied up in other investments and don’t want to miss an opportunity then it would be considered a logical solution for you. Maybe you have plenty of capital but do not wish to invest it all into one purchase and want to focus on the growth and secure a more valuable property for a bigger return. If a property is deemed uninhabitable you will most likely not be able to secure a traditional method of purchasing the property – with a auction bridge loan you can secure a property for a short term and once you have carried out any remedial works – refinance onto a longer term product.

It is also important to consider your level of experience, from a lenders perspective a borrower that has successfully built a portfolio is considered less risk when funding potential purchases. This does not mean that if it is your first venture you cannot borrow, it will simply be a case of providing more security to the lender in the way of funds or additional assets. Buying at auction can be one of the most exciting ways to get ahead on the property ladder, if you are looking to expand your portfolio in rapid fashion or start your property portfolio journey auction bridging loans can be your first step into a successful business.

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