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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.
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