Auction Finance Doncaster, Yorkshire and throughout The UK :
Buying property at auction can be a stressful time due to the timescales involved, but buying at auction can give buyers a really good opportunity to pick up property that represents excellent value.
Property bought at auction normally requires completion within 28 days of your successful bid.
Because of this timeframe, or the condition of the property, means that arranging traditional bank funding is often impossible.
We work with Specialist lenders provide finance to buyers facilitating auction purchase to complete within the given time frame and in some instances are able to advance loans in just a few days. As a rule of thumb, a slightly higher interest rate may be charged in return for speed and for a favourable view of the property condition. Abacus enjoy a healthy working relationship with these lenders through working with them on a regular basis and are often a great conduit to negotiation and finding the right solution.
Generally, rates charged are similar to those for bridging loan products and open the opportunity to get the job done and sale secured. To work quickly, a clear repayment plan should be in place. This can be the refinance of an asset or securing against it and any such repayment plan will need to be agreed to put a loan into place to the satisfaction of the lender.
Frequently Asked Questions
Auction finance loans can be a really flexible option for residential properties, semi-commercial and commercial properties, and also the purchase of land. Our lenders cater for nmerous property types, including non-standard constructions. We may therefore be able to to offer finance where other high street lenders may shy away. You may be a homeowner, an investor, self employed or a business owner, we welcome any application for our auction finance.
A successful auction bid is followed by a speedy process and you have to be on your mettle. Most auctions dictate a 10% sale price deposit on the day and the balance paid within 28 days which can be demanding. Short term bridging finance can be most beneficial here as a “bridge” for the gap until a longer term Buy to Let or Commercial Loan solution can be secured. We source auction finance lending options offering flexibility as well as efficiency and speedy, that in turn helps prospective buyers bid with confidence to get through the process as quickly as possible. Short-term auction finance bridging loans can be processed quickly and more often than not can usually be arranged in a few days.
Perhaps you are seeking to raise funds to let out a property bought at auction? You may currently own property you want to let out? Whatever the scenario, we can source a broad range of great value finance products to suit your needs when buying-to-let.
If you’re looking at a property through auction with a view for long term commercial use then we can probably help with a solution. If you’re in business and are looking to grow your commercial property portfolio or perhaps invest in a new property, you will be considering a whole range of properties and searching for the best opportunities. Maybe unconventional buildings or land to keep costs at a minimum, or there may be other factors affecting your business decision. Business isn’t always straightforward and we understand that.
Here’s where we may be able to source commercial finance on properties and land where it’s difficult with mainstream lenders. Here at Abacus Funding Ltd we can source first and second charge commercial mortgages for all kinds of of businesses, from the ones with long pedigree to the start-ups (with at least 12 months trading).
We work with lenders who think it makes sense to look beyond factors such as age, income source and credit profile, and who look to properly understand the client making the application. We encourage a common sense approach which in turn means that we have the flexibility to find finance where other brokers may not. We can always help find a solution for your needs if affordable.