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Are You Looking for Finance for Buying a Property at Auction?
If you’re buying a property at auction, you’ll know that you need to act fast to secure funding. Swift Property Finance is an experienced auction finance company, used to working with customers buying commercial and residential property who are looking for competitive auction finance rates and need a quick decision on their funding application.
What can auction property finance be used for?
Simply put any property you buy at auction. Whether you’re buying a residential property, a semi-residential property or a commercial property such as an office or factory space, if you buy a property at an auction, then auction finance is for you. We have access to a variety of auction finance lenders so whatever the project we’ll be able to find the best property auction finance for you.
Why would I buy a property at auction?
Auctions can be a great way to secure a below-market-value property. Auctions are also a good place to find more unusual properties that estate agents are uncertain how to sell. In addition, once the hammer falls the sale is agreed, so if you won the lot, you know the property is yours. As long as you can secure the funding of course!
Why Specialist Auction Finance?
When you buy a property via an auction house you generally have to pay the balance on your purchase relatively quickly. Normally purchasers pay a deposit on the day, and then have 28 days to completion. Unless you have a mortgage already in place before you go to the auction this does not give you the time to buy a traditional mortgage property. At Swift Property Finance we can help you secure bridging finance to complete your sale.
Bridging finance has another advantage when it comes to funding a property auction purchase. Many of the properties that are being sold at auction are not suitable for mortgage lending anyway, because for example they are in need of extensive renovation. However, bridging loans do not require properties to be in a particular state of repair making them often the most viable option for financing an auction property.
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More About Auction Bridging Finance
How much can I borrow?
Loan amounts are calculated on the full market value of the property you have bought. At Swift Property Finance we handle loan amounts of between £50,000 and £5,000,000
How much are the interest rates?
Again interest rates vary. The perception is that bridging loans have high interest rates in comparison to other financial products such as traditional mortgages. However slight differences in the rates have to be balanced against the much shorter terms of bridging loans, typically no more than 24 months compared to the 25 years of a traditional mortgage. Interest rates range between 0.7% and 1.3% per month.
How long can I borrow the money for?
As already mentioned, bridging finance are relatively short terms. They are generally no more than 2 years, and can be as little as a few months.
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Why Swift Property Finance Trustworthy, Bespoke, Independent, Quick
Buying a property at auction can be exhilarating but getting the finance in place in time can be stressful. That’s why we offer all our customers a bespoke service. By working with you on a one-to-one basis we can make the experience as smooth as possible.
Swift Property Finance will only recommend products that will ensure that you have your funding in place well before the 28 day limit often imposed by auction houses. We’ll strive to get a quick decision so that you can finalise your purchase and get on with your property project.
Swift Property Finance is authorised and regulated by the Financial Conduct Authority. That’s your guarantee that we’re fit and proper people to handle your auction finance application.