Ready Cash for The Property Auction

Bidding for a property at auction can be a little nerve-racking and not to everyone’s taste. But on the other hand it can be a great way to bag a bargain. This is one of those occasions where a bridging loan becomes in most cases essential. Auction finance for homes and commercial buildings rarely comes direct from building societies or banks and a temporary loan is usually required. This is the single most requested loan from independent lenders such as Mayfair Bridging along with cash to refurbish a property for sale or rent. Auction finance for homes & commercial buildings..

At a typical property auction the bidder must have ten per cent of the successful bid available in the form of a draft or cheque immediately. It is then normal for the balance to be requested in full in twenty-eight days. This is plenty of time to arrange a bridging loan but not with a regular building society that will take a lot longer if at all. Whilst some great deals can be had at auction the bidder will have had to complete a number of exercises beforehand. There may be many different reasons to buy perhaps to refurbish and let or maybe to refurbish and sell. At a typical property auction..

In both situations the current values for the type of property and area needs to be researched and market potential looked at closely. It also goes without saying that a structural survey is the responsibility of the bidder so both a solicitor and surveyor should be engaged well before the auction. All loans are secured against existing property and the one downside of this sort of short term loan is that it is high interest so it must be paid within the agreed timescale. All loans are secured against existing property..

Auction properties.. Bridging loans are not exclusively for auction properties and can be used for almost any legal venture. There are times in all our lives when a short term loan can make a big difference but as with any loan you should always have a second plan should something not work out. It’s also worth remembering the golden rule of having a fixed top figure when going into an auction. On a smaller scale I remember taking a girl to a general household auction and watching her get carried away.

A decorator had cleared out his shed and put about fifty pots of paint into the auction. Some were full and others partly used. The girl with the one bed flat that needed painting started to bid for a batch of ten pots as they had some colours she felt she could use. Getting completely carried away and not making her mind up on exact colours she bought all fifty tins. In a house auction this could be an even costlier mistake and this is why a fixed top figure should be stuck to. For more about auction finance visit at our official website mayfairbridging.comauction finance A decorator had cleared out

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