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.
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.
We can arrange Auction Financing up to 80% of the value of the asset
Many of our lenders can offer decisions significantly faster than high street banks
We can arrange the most competitive Auction Finance option for your needs.
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.
Build Safe is a trading name of London Belgravia Brokers Ltd, Registration Number: 9069586 . Trading address is St Magnus House, 3 Lower Thames St., London EC3R 6HD. London Belgravia Brokers Ltd is an appointed representative of Ten Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.
St Magnus House,3 Lower Thames St.London EC3R 6HDUK
020 3701 0422
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