How to Fund a Property Purchase At Auction
Purchasing property is always a wise investment that’s bound to earn you a decent return over the years. By attending property auctions, you find a great range of properties up for sale and may even find some great bargains too. So, no matter what type of property you’re looking for or what your long-term goals are, checking in with property auction houses in or around your ideal area is a smart move.
How can I purchase a property at auction?
If you’re considering going along to a property auction or found something in their catalogue which caught your eye, Rangewell can help. Sure, it may look shabby now, but with some hard graft and a solid vision, you could turn it into a gem and reap the benefits. Although you could bag yourself a quality bargain at auction, you may need extra capital to fund the purchase. Should you make the winning bid at auction you’ll likely be required to pay an upfront deposit and will have around 28 days to complete the purchase. We understand that this can prove a challenge, but with our services, we can help source the perfect finance solution.
Auction Finance: Before you even consider stepping into a property auction, you need to acquire Auction Finance in advance. This will allow you to know how much you can afford and what type of property a lender will fund. This funding solution works by allowing you to acquire a conditional approval from a lender, which you must adhere to. For example, if you’re bidding for a 4 bedroom property and made a successful bid of £350,000, a lender could fund up to 90% of the bid whilst you pay the initial deposit.
Property Development Finance: When you buy a property you may encounter any number of issues lurking around inside. You’ll likely need to redecorate, replaster walls, replace windows, refit the gas and electrics and so on. To make your dream a reality, you’re going to need to call in the experts, meaning plumbers, electricians, decorators, window fitters, designers and the like, which can amount to quite a hefty expense.
However, if you’re unable to fund the costs, Rangewell can help. With our services, you can acquire the ideal mortgage solution for your project and at an excellent rate too. Commercial mortgages are generally used if you’re hoping to borrow a large sum and can range from £25,000 to as much as £25,000,000. Depending on the lender, you can make either monthly or quarterly repayments over a period of 3 – 25 years, plus interest.
Our values are simple – we’re on your side. At Rangewell, we support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.