Auction finance
Castle View Finance provides tailored solutions to help you secure properties at auctions quickly and efficiently. Auction Finance is a specialised form of bridging loan designed specifically for purchasing properties at auction and completing the transaction within a short timeframe.
Auction Finance Bridging Loan
Auction Finance is a short-term, interest-only loan designed specifically for buying properties at auction. Unlike traditional property finance options like mortgages, Bridging Loans can be arranged within days, making them ideal for the immediacy of auction purchases.
Typically, you’ll need to pay a deposit of around 10% of the sale price immediately at the auction house. From there, you’ll have 28 days (or 56 days for the modern method of auction) to pay the remaining cost. Since it’s challenging to arrange a mortgage within such a short timescale, that’s where Auction Finance comes in, offering you the financial support needed to complete the purchase swiftly.
Is it hard to receive Auction Finance?
The process of Auction Finance is straightforward. While you don’t necessarily need the bridging finance in place before bidding, having it organised ahead of time reduces the risk of losing your deposit if the full purchase is not funded on time.
Castle View Finance understands the time-sensitive nature of auction purchases and the importance of securing the necessary funds promptly. Our team of experts is ready to assist you throughout the process, providing personalised auction finance solutions tailored to your specific requirements.
What can Auction Finance be used for?
Auction Finance can be used to purchase a wide range of properties, including residential investments such as HMOs and multi-lets, semi-commercial properties, commercial properties for investment or owner-occupation, as well as land.
We have experience in helping clients finance various types of properties that appear in auction catalogues. Regardless of the property’s background, whether it’s ex-council, high-rise, or considered “unmortgageable” we are driven to find a suitable auction finance solution that will meet your needs.