Auction Finance
Buildsafe Services
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BuildSafe Auction Finance
When buying a property at auction and the gavel drops you have committed yourself to buying that property. You will have to put a 10% deposit down then you have 28 days to get the finance in place. We provide development finance to a wide range of investors, whether they be private individuals or property development companies: we’re here to help.
About BuildSafe Auction Finance
An investor wishing to take advantage of these opportunities can face challenges in raising finance. Either they are in a time-sensitive situation in which a 30-day application time frame is too long, or the property is not in a condition which allows for a mortgage to be raised against it.
As a result, buyers look to alternative debt-structuring methods, with Auction Finance offering a solution to the funding gap.
Features of Auction Finance:
- Coverage in England, Scotland & Wales
- Rates from 0.70% p/m
- Loans from £100,000
- Up to 80% LTV
- Terms from 1-24 months
- Residential, commercial & semi-commercial property
Why choose Buildsafe?
Single Point of Contact
Our dedicated specialists will assist you through the entire process of, from filling in your paperwork to sourcing the most competitive product that is right for you.
Independent Advice
As an independent provider, our expert team can search the whole market for the best solution for your needs. All you have to do is fill in one form.
Best Value Guaranteed
Our experts ensure that you receive the best terms on any type of product we offer that suits your individual requirements.
Let us Help you Find the Best Lender
Up to 80% LTV
We can arrange Auction Financing up to 80% of the value of the asset
Quick access to funds
Many of our lenders can offer decisions significantly faster than high street banks
Finance available from £100,000
We can arrange the most competitive Auction Finance option for your needs.
FAQs
Q: What sort of properties can be bought with Auction Finance?
A: Pretty much any residential, commercial or mixed-use property can be purchased regardless of whether it is habitable or not.
Q: How Does A Property Auction Work?
A: There are two ways that exchange, and completion can take place at a property auction.
The traditional method of auction: if you successfully bid at an auction that uses the traditional method, you’ll exchange contracts and pay a 10% deposit straight after the auction finishes. You’ll then have 28 days to complete.
The modern method of auction: if you make a successful bid, you don’t have to exchange contracts immediately. Instead, you pay a fee to reserve the property, which is non-refundable if you pull out of the purchase. The reservation fee varies but will normally be a percentage of your bid. You then have 56 days after the auction date to exchange contracts and complete the purchase, which would give you more time to arrange a mortgage.
Get a Free Quote Today
Buildsafe are the UK’s leading specialist broker of Building Warranties and Construction Insurance. Get a free, no obligation quote from us online today!
