Auction prices are not set in stone, and often it is the case that the pre-determined budgeted amount is not enough in order to be winning the bid requiring a need for auction finance. Or a rare unplanned for lucrative opportunity arises but there is a need for the funds in order to complete on time.
This means your finances have to be as flexible as possible to make sure you’ll be able complete the purchase. If you do not have the cash in the bank or a prearranged mortgage before the auction purchase, you will most likely be unable to complete on the purchase within the required 21 day completion period and potentially forfeit your 10% deposit.
Our Auction Finance for an auction property can extend the funds required in order to complete on the purchase within the short period of time. It gives the flexibility and time to arrange a longer term solution.
Auction Finance enables individuals to purchase auction property even if they do not have the cash in the bank. This is because the auction finance is usually secured against the property upon which funding is required, allowing in some cases a requirement of only 30% deposit. In some cases it also enables individuals to purchase auction property at 100% LTV, although this would require additional security.
Auction finance can be arranged in most cases within 5 days, and in some cases as little as 48hrs. This can provide auction purchasers additional breathing space and expand their timescale beyond the auctions 21 day completion requirement.
This auction finance strategy will enable you to go to an auction in a position equivalent to a cash buyer.
We are specialist in arranging auction finance quickly and effectively. Our specifically designed process enables to deal with auction property purchase finance easily giving you the confidence you need when bidding on your lots.
Our extensive relationships with specialist auction finance lenders enable us to secure you to the best rates.
During the auction, our experienced team will just be a phone call away to provide you with immediate terms, providing you with the comfort to bid confidently on your desired lots.
We can help you formulate an exit strategy and longer term solution if required.