Yes, you can. And there has rarely been a better time to do it.
In December 2016, properties sold through auction houses were up 12% on December 2015, a trend that looks to continue into 2017 from the same period last year. Despite the forecast economic woe of last year, one London based property auction house recorded close to a 20% increase in residential auction sales.
It seems more people are turning to auction houses to sell their properties which means a heightened chance of properties being purchased under market value, creating a promised land for buy to let landlords, which many have been taking advantage of.
Undoubtedly a thrilling experience, buying at auction is also riddled with uncertainty. You are required to pay for your property typically within 28 working days, something which can often be difficult, especially without a bridging loan to plug the financial stop-gap whilst capital is raised. We know that time is of the essence and a mainstream mortgage will simply not do.
At Enness, we have a proven track record when it comes to negotiating auction finance for our clients when it is needed most. Further, our latest partnership with a specialist bridging lender allows us to promote the ‘No Valuation Bridging Loan’, now giving our clients financial peace of mind even before the hammer falls.
The No Valuation Bridging Loan is specifically designed to adapt to the fast-paced world of auctions, requiring no valuation of the property before a loan is granted. A testament to just how attractive and successful this market has become.
The terms of the loan are as follows.
- The max loan amount is £1.5million.
- The max loan-to-value (LTV) is 65%.
- Interest rates start at 0.65% and 0.85% for residential and commercial respectively.
- The lender pays for a valuation of the property after completion.
- Deals are conducted on a case by case basis.
- 3 months minimum term.
- Lender agrees an estimated valuation of the property pre-auction to agree a comfortable bidding limit for added peace of mind.
In the competitive auction property market, peace of mind regarding your ability to follow through with your purchase may mean the difference between acquisition and non-acquisition.
Enness brokers offer assistance at every juncture, and using our No Valuation Bridging loan gives our clients an edge over others.
Bridging loans are a vital tool when acquiring property through auction-houses. The increased popularity of property auctions, which has led some to suggest a boom in the market, has only amplified the need for clients to have the best bridging loans in place and as large an advantageous position as is possible before even crossing the auction house threshold.
At Enness, this is what we offer, if you would like to know more about our bridging services in relation to auctions or any other product, please do not hesitate to get in touch.