AUCTION FINANCE

Auction finance at your fingertips

In order to bid with confidence at auction, you need one thing above all else. You need the reassurance the necessary funds will be available when you need them. When the hammer falls, a non-refundable deposit is immediately payable and you then have a maximum of 28 days to complete – it can be shorter with certain auction houses.

At Bath & West we can give you an immediate decision on all auction finance, and we are able to release funds within a matter of days. As a Principal Lender we are not dependent on banks or other lenders, which means no missed opportunities at auction or stressful times waiting for funds to clear. That’s auction finance at your fingertips.

“Our processes, and those of the professionals we work with, ensure funds will be available to meet the tight timescales imposed by an auction purchase. This avenue can often allow property professionals to purchase at below market prices – our bridging loans and the service we provide are designed to open this opportunity to property professionals.”

Nick Lynch

Bath & West Finance
Senior Underwriter

Key rates & features:

MAXIMUM LOAN

£2,000,000

MINIMUM LOAN

£50,000

MAXIMUM LTV

70%

COMMITMENT FEE

2%

BROKER COMMISSION

from 1%

MONTHLY INTEREST

from 0.85%

INTEREST PAYMENT METHOD

Serviced, retained or rolled-up

MINIMUM TERM
90 Days
MAXIMUM TERM
360 Days

Key Product Criteria*

RESIDENTIAL PROPERTY

Houses, flats, BTL’s, HMO’s, auction, development land with full residential planning, unmortgageable

TENURE

Freehold or leasehold with more than 60 years left on the lease

RESIDENTIAL TENANCIES

A standard AST agreement

TYPE OF CHARGE

First charge, second charges

WORKS

Light refurbishment works, such as kitchens, bathrooms, floor coverings, general decoration and extensions where stage payments are not required, no structural alterations and no planning permission is needed

 

* Please refer to the criteria page for standard loan criteria for all products

Download our full product guide
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