Bridging loans for auction purchases let you bid with confidence. Knowing that you have access to the funds as you make the winning bid is liberating – and a bridging loan gives you the freedom to make your move. Bridging loans can be arranged quickly, filling in the gap between the auction purchase and incoming finances.
Glenhawk offers bridging loans for auction purchase at anywhere between £500,000 and £5,000,000 – so whether you’ve picked up a property with potential or a readymade dream come true, we can help you secure the funds to build your future.
How do bridging loans for auction purchases work? They’re simple, short-term loans that cover an auction purchase or the deposit due after making a winning bid. It means that you can walk away from the auction room with a new property, either paid for in full or with the deposit covered, while you wait for your main funding to come in.
If you’re selling a property to fund the purchase, it can be a time-consuming process. After winning at auction you’ll typically have just 28 days to pay in full, before losing rights to the property (and your deposit). If you’re funding your auction purchase with the sale of another property, a bridging loan can cover that gap – meaning you can make the purchase without having completed the sale of your property.