Since the start of the pandemic, property investments and home renovation has seen a huge surge as property owners look to invest their time in something productive and financially beneficial.
It’s also one of the reasons why property auctioneers have reported an increase in interest and sales during the Covid-19 crisis.
At Velocity Bridging, we are here to support the demand for those buying property at auction with our new market-leading product.
How can a bridging loan help me purchase property at auction?
When buying a property at auction, long term options like traditional BTL mortgages tend to be out of the question due to tight deadlines. This is why many people struggle to buy property at auction if they are not a cash buyer.
However, there is another way of picking up a bargain property through auction and that is by using a bridging loan.
Bridging loans are all about quick turnarounds meaning the strict timescales of auction buying can be met.
What our new market-leading product offers…
At Velocity Bridging, we’re here to help those looking to purchase property at auction. That’s why, last month we launched a new bridging loan product, offering a market-leading 90% of the auction purchase price with no need for additional security.
We use our dynamic private funding line and swift processes to ensure a two-week turnaround.
With no exit fees or valuations, the loan is available to those based in England, Scotland and Wales on a first-charge basis on single-unit residential properties only.
The bridging product is directly available to Velocity Bridging customers purchasing property worth over £100,000 (up to £500,000) through auction and is available for properties that are in need of light refurbishment only (no demolitions or heavy refurbs).
Offers are only made once the auction has concluded and buyers opting to max out this product will be charged 2.5% per month.
How we can offer this competitive product
We provide you with a dedicated case manager so you can get a truly bespoke service. We have streamlined underwriting – so no stacks of paperwork or miles of red tape – and we utilise retyped valuations and AVMs wherever possible.
When launching the product, we drew up the Velocity concept in tandem with one of the top legal firms in the country. With their input, we were able to build the infrastructure that was necessary in order to complete cases in just three working days.
Are you looking to simplify your auction property purchase?