Auction Bridging Finance

Purchase at auction with bridging finance

Property can be purchased quickly and easily from auction by using bridging finance. Bridging finance when correctly used can allow all types of property in all types of condition to be purchased when more traditional methods of finance are not possible.

Example:

Client has a property to sell and has seen his desired purchase at auction. He goes to the auction and wins the bid, pays 10% of the purchase price for a deposit but requires the remainder of the purchase funds from the sale of his existing property. We could raise the finance on the existing property so he can pay the balance to the auction house within the 28 day time period usually set which eradicates the need for an immediate of the current property. The bridge can then be comfortably repaid in a few months once the sale of the existing property has completed or the property has been refinanced on another basis.