Bridging Finance For Auction Purchase

Area
Kent
Capital Raised
£247K

The Scenario

Our clients had spotted a rare opportunity coming up at auction: a Grade II-listed farmhouse in Kent. 

They could see the potential to split it into a home for themselves plus an easy-to-service holiday home providing ongoing income.

They won the bidding and put down their 10% of the purchase price, plus auction fees, on hammer-fall. Now, they had just 28 days to pay the balance.

They already had their home on the market but a buyer had pulled out, leaving them high and dry. 

The Solution

Unless you're a cash buyer, short-term finance such as a bridging loan is the only way you can buy at auction. Auction house payment deadlines vary from around 20 to 28 days - which isn't long enough time to get a mortgage set up, with all the necessary valuations and title paperwork.

Fortunately for our clients, the amount of equity they had in their current home provided sufficient security for the bridging loan: they didn't have to include the auction purchase property as well, so they were only paying one set of legal and valuation fees.

The bridge loan we found for them was comfortably within their finance budget, and the funds approved and money in the bank in time for them to pay the full purchase price on time.  

Are you looking for short-term property finance to fund an auction purchase? 

Call us at Clifton Private Finance 

0117 959 5094

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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