Property auction finance
If you have yet to secure funding for a potential property auction purchase with us, we strongly advise putting this in place prior to auction.
Bidders that require external funding for a property auction purchase may already have a preferred finance provider, but for those that don’t, we are happy to recommend Together.
Who are Together?
Together is an excellent financial services provider that has specialists in the field of property auction finance. Together provides funds for an array of properties – from a house that’s ready to welcome a family, to a grassy plot of development land.
Together offer guidance and support at all stages of the auction purchase process, with benefits including:
• 1 to 12-month short-term loan periods
• Financing of up to 75% of a property’s value
• Consideration of all income types
• Monthly interest rates from 0.49% (other fees and charges apply)
The need to plan ahead
Remember, once the hammer falls the property is legally yours – and things move quickly from there. Completion on a property auction typically takes a lot less time than a traditional property purchase, so it really pays to be prepared.
Having provided a 10% deposit on the day of the auction, you will need to pay the remaining balance of your property auction purchase within 28 days (completion dates can vary so please check the legal pack/special conditions of sale for clarification). Most buyers would struggle to cover the entire balance in such a short space of time, so a short-term bridging loan provides the ideal solution.
Although funding can quickly be approved by Together, obtaining approval prior to auction will provide all parties with confidence and peace of mind, making the whole process as smooth as possible.
Obtaining a short-term bridging loan
The application process for property auction finance with Together is tailored to the demands of the property auction world. As such, a bridging loan can usually be arranged in a few days – faster than many high street lenders.
With experts in property purchasing, Together can offer financing on:
• Residential investment
• Commercial property
• Land purchases
• Non-standard construction
The monthly interest rate offered by Together starts at just 0.49% per month – with other charges fees and charges also applying – making it a very reasonable funding source for those that buy property at auction.
What’s the next step?
If you are looking to purchase a property at auction with us, and require short-term property auction financing with Together property auction finance, we recommend that you make an enquiry and discover how much you could borrow.