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 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.
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.
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.
Finance Jeanie have you covered. Our team can offer you funding no matter where you live in the United Kingdom. Contact us via phone or email to discuss your funding or loan requirements.
Finance Jeanie provide funding options to clients all over the UK including all the following counties. We cover all the major towns and cities. If you do not see your location in the following list please don’t hesitate to ask.
Bath Bristol Clevedon Fulton Keysham Weston Super Mare
Bedford Biggleswade Dunstable Flitwich Leighton Buzzard Luton
Ascot Bracknell Hungerford Maidenhead Newbury Reading Sandhurst Slough Thatcham Windsor Wokingham
Amersham Aylesbury Beaconsfield Buckingham Chersham Denham Gerrards Cross High Wycombe Marlow Slough Stoke Mandeville Taplow
Cambridge Chatteris Ely Girton Godmanchester Huntington Newmarket Ramsey Soham Whittlesey Wisbech
Chester Crewe Nantwich Northwich Macclesfield Runcorn Tarporley Warrington Widnes
Bodmin Falmouth Newquay Padstow Penzance Redruth Truro
Barrow In Furness Carlisle Kendal Penrith Whitehaven Wilton Workington
Alfreton Ashbourne Belper Bolsover Buxton Chesterfield Codnor Crich Cromford Derby Duffield Glossop Heanor IIkeston Long Eaton Littleover Matlock Melbourne Ripley Sponson
Barnstaple Exeter Honiton Plymouth Paignton Torquay
Blandford Bournemouth Christchurch Poole Weymouth Dorchester Wareham Wimborne Shaftesbury
Durham Bishop Auckland Chester-Le-Street Durham Seaham Sedgefield Spenny Moor Stanhope
Basildon Billericay Braintree Brentwood Canvey Island Chelmsford Clacton-On-Sea Colchester Epping Hadleigh Harlow Rayleigh Tilbury
Cheltenham Cinderford Cirencester Clearwell Gloucester Kingswood Slimbridge Stroud Tewkesbury
Bolton Bury Manchester Oldham Rochdale Stockport Wigan
Basingstoke Andover Aldershot Farnborough Petersfield Tadley Portsmouth Fareham Gosport Havant Hayling Island Waterlooville Southampton Hedge End Romsey Totton Winchester Alton Eastleigh Stockbridge
Hereford Kington Ledbury Leominster Ross-on-Wye
Bushey Chorley Wood Elstree Hatfield Hemel Hempstead Hertford Hitchin Letchworth Potters Bar Sawbridge St.Albans Stevenage Tring Watford Welwyn Garden City
Cowes Newport Ryde Sandown Shanklin Venture
Ashford Canterbury Chatham Dartford Dover Faversham Hythe Maidstone Margate Ramsgate Rochester Royal Tunbridge Wells Sevenoaks
Accrington Blackburn Blackpool Burnley Chorley Clitheroe Lancaster Liverpool Manchester Morecombe Preston Skelmesdale
Ashley-De-La-Zouch Coalville Earl Shilton Leicester Loughborough Market Harborough Melton Mowbray Syston
Gainsborough Grantham Grimsby Lincoln Boston Bourne Brigg Spalding
Birkenhead Liverpool St.Helens Southport
Acton Brentford Camden Town Chiswick Edgware Enfield Fulham Hackney Hampstead Harrow Hounslow
Alysham Diss Fakenham Great Yarmouth King’s Lynn Loddon Norwich Sheringham Thetford Watton
Alnwick Ashington Berwick-On-Tweed Blyth HalfWhistle Morpeth
Bingham Hucknall Mansfield Nottingham Newark-On-Trent Ollerton Retford
Abingdon Banbury Bicester Bloxham Chinnor Cholsey Didcot Henley-On-Thames Kidlington Wantage Woodstock
Bridgenorth Ludlow Madeley Newport Shrewsbury Telford Wellington Wem
Bath Bridgewater Burnham On Sea Crew Kerne Taunton Wells Weston-Super-Mare Yeovil
Burton-On-Trent Cannock Keele Leek Lichfield Newcastle-Under-Lyme Stafford Tamworth Uttoxeter Wolverhampton
Brandon Bury St.Edmunds Felixstowe Ipswich Lowestoft Stowmarket Sunbury
Camberley Chertsey Cobham Dorking Epsom Esher Farnham Godaming Guildford Haslemere Leatherhead Redhill Reigate Staines Sunburn-On-Thames Walton-On-Thames Weybridge Woking
Sussex Bexhill on Sea Brighton and Hove Crawley Eastbourne Hastings Horsham Worthing
Hartlepool Middlesbrough Redcar Stockton-On-Tees
Gateshead Jarrow Newcastle Under Tyne South Shields Sunderland Whickham
Coleshill Coventry Leamington Spa Nuneaton Rugby Stratford Upon Avon Studley Warwick
Arundel Billingshurst Bognor Regis Bosham Chichester East Grinstead Fishbourne Lancing Littlehampton Midhurst Petworth Selsey
Amesbury Chippenham Malborough Salisbury Swindon Tidworth Warminster Wilton
Beverley Bridlington Driffield Goole Hornsea Hedon Pocklington
Harrogate Northallerton Malton Pickering Ripon Richmond Scarbourough Selby Skipton Stokesley Tadcaster Thirsk Whitby
Barnsley Dinnington Doncaster Maltby Mexborough Penistown Rotherham Sheffield Swindon
Batley Bingley Bradford Castleford Dewsbury Halifax Helden Bridge Huddlesfield Keightley Leeds Morley Otley Wakefield Wetherby
Abergavenny Caldecott Chepstow Monmouth USK
Aberdare Barry Bridgend Caerphilly Merthyr Tydfil Neath Ponty Pridd Porch Cawl Port Talbot Swansea
Barry Cardiff Cathays Ely Penarth
Abertillery Beaufort Blaine Brynmawr Ebbe Vale Newport Tredegar