The product allows for an offer to be issued prior to the auction, so that a potential buyer has surety of funds should their bid be successful.
Bridging lender London Credit has reintroduced its Auction Finance product.
The product allows for an offer to be issued prior to the auction, so that a potential buyer has surety of funds should their bid be successful.
Loans are available from £100,000 to £3.5m on properties in London, the South East and major cities, with approval in principle and indicative terms usually available within an hour.
Marios Theophanous, credit manager at London Credit, said: “Buying a property at auction has become more popular as the move to online auctions as a result of COVID-19 restrictions has actually opened up the market to more people.
“And, of course, with completion usually required within 28 days, buying at auction remains one of the few ways that property investors could benefit from the stamp duty holiday.
“So, we wanted to create a product that gives investors what they need – surety of funds at the outset.
“At London Credit, we offer bridging finance that goes back to basics, building our proposition on speed, flexibility and the ability to lend on complex cases.
“We can lend up to 70% LTV on terms up to 18 months, providing brokers with simple, no fuss financing solutions for their clients, supported by a fair procuration fee to reflect their work.
"Brokers interested in our Auction Finance proposition should speak to one of our BDMs.”
