Imagine Finance
Auction Purchases
Don’t just dream of your auction purchase – put the funding in place to make it a reality with Imagine Finance
Bridging finance for an auction purchase is a fast and convenient way to secure a property at auction.
The funds can be used to purchase a residential, commercial, or mixed-use property, with usually no need for a valuation prior to your purchase. You even can use part of the loan to pay for any refurbishment or renovation work that needs to be carried out on the property.
As the remaining outstanding balance is usually due within 28 days of your winning bid, there’s often no time to obtain a mortgage. By applying before the auction takes place, you can be pre-approved to borrow the required money to pay for the auction property, with loans available regardless of your credit history.
Here at Imagine Finance, we understand auction purchases tend to happen quickly, with a deposit and fees payable straight away. That’s why we work hard to ensure you have the funds within the time limit set.
You then pay back the bridging loan within months, usually by refinancing onto a mortgage, which will have a lower rate of interest.
Frequently Asked Questions
What is auction purchase bridging finance?
Auction finance is a form of short-term bridging designed to quickly obtain the funds needed for an auction purchase.
Due to auction houses working on a different timeline to conventional estate agents, you are unlikely to be able to apply for and obtain a mortgage in time to snap up a property at auction; instead, a bridging loan can be the fastest way to raise the funds you require.
The interest payable on this type of loan is often much higher than the rates you would pay on a mortgage. So, once you have purchased your auction property, we can help you to apply for a mortgage and use this to pay off your auction bridging loan.
How can I obtain bridging finance for my auction purchase?
Contact Imagine Finance before the auction to get pre-approved for your loan.
Once approved, we will work hard to obtain final approval of your bridging loan – just ensure you have the deposit plus fees ready to pay on the day.
As bridging finance is usually more expensive than a mortgage, it is essential that you secure the best possible interest rate when it comes to refinancing – contact us today and let us help you find it.
How much will I be able to borrow for auction finance?
I have a low credit rating. Can I still apply for auction finance?
The short answer is yes – our bridging loan specialists can help find the right solution for your auction purchase, regardless of your credit history.
So, contact us now and allow us to assess your options.
How will you support me through the process?
At Imagine Finance, we have been helping people obtain bridging finance for auction purchases for more than 30 years, with a range of exclusive products to choose from.
We know how important it is to move fast to obtain a decision, which is why we will get back to you within hours. Often, our lenders do not require a physical valuation to be carried out, which can also help speed up the process.
With our expert advisers on hand to answer any questions, you can be sure you are in safe hands as we secure the best rates and terms for your circumstances – so contact us now and let us help you.
Contact our team today and start turning your dreams into reality.
Mr Wells
