If you want to buy a property at auction and you don’t have all the funds required to make the purchase outright then one of the best options you have is to take a bridging loan and use the funds as auction finance, to get the property you need. A bridging loan is a short term loan that you can take out on the auction property and be repaid when the property is in a position to get a standard mortgage.
The beauty of a bridging loan is that it can be arranged in a very short period of time. Bridging loans on an auction property can be arranged in days and the decision is often made within hours of making the initial enquiry. It is possible if you have just purchased a property at auction then you have only 28 day for completion.
Even if you do not enough equity to pay for the 10% deposit we can often quickly release these funds based on any other property that you have. Even if you need a 100% of the purchase price then we can do these and give you funds for renovation if you use another property as security. In order to get he best possible advice on bridging loans then please complete the short form at http://www.bridgingfunding.com/on-line-assessment/ and we can get a specialist bridging loans expert to get in contact with you.
Auction Finance is a typical example of where funds are needed for a short period of time.