Acuitus Finance – in conjunction with Octopus Property – has developed a Pre-Approved Auction Bridging Loan to streamline the process of buying properties at Acuitus auctions.
The auction room and the finance market operate at different speeds. If an investor buys at auction they have 4-6 weeks to complete the purchase but organising finance can take much longer than this – sometimes months.
The new pre-approved loan product has been designed to address this mismatch. Octopus Property will provide a 50% loan-to-price bridging loan based upon the price paid in the auction room and with no other valuation required. The legal process has also been greatly simplified to remove the requirement for a full report on title.
All properties with a sale price of £500,000 or more qualify automatically for the new simplified bridging loan. Once the property has been secured at auction, the buyer can relax knowing that 50% of the funds required for completion are already guaranteed.
Stuart Buchanan of Acuitus Finance comments: “Once the purchase is complete, we will then be able to advise on the best options available to refinance an asset on a long-term investment loan.
“This is a major step forward in terms of streamlining the auction buying process for investors, and to complement the new bridging product, Octopus Property has also introduced a new interest-only, long-term investment loan which can refinance the bridging loan at a reduced fee.”
For information on this new product and to discuss financing options, please contact Stuart Buchanan: +44(0)7879 432868 / firstname.lastname@example.org