Auction Purchase Bridging Loan
GWD Finance are specialists in auction purchase bridging loans
When buying a property at auction in the UK you are generally required to exchange on the day of auction with four weeks to complete.
This can be worrying and a difficult deadline to meet if you are not a cash buyer. We can arrange bridging finance ahead of an auction – with no upfront fees – so that you can be comfortable you can complete within a four-week period. Generally the bridge would be repaid by the sale of another asset or refinancing the property purchased at auction, depending on circumstances.
Example
We had a client with a portfolio of investment properties, who wanted to attend auctions and buy further properties.
We secured a funding line with a bridging lender against her portfolio, so she could attend the auctions safe in the knowledge that she could exchange that day and complete within four weeks.
She knew that we could get her the completion funds in time so she could secure the property, give it a refurbishment, and refinance to a buy to let mortgage and repay the bridging loan.