Auction Finance

Auction Finance is a form of bridging loan provided by specialist lenders that can be used to purchase a property at auction, allowing a sale to be completed quickly. It is designed to support you in closing the deal promptly, assisting when auction houses require swift payment, which is often requested within a matter of weeks.  

With some auction houses requesting a cash deposit in order to secure your purchase, often up to 10%, and frequently carrying additional auction fees that are payable in the case of a successful bid, auction finance can allow you to arrange your funding in advance, guiding your purchase in determining the budget that is available and the specification of property that your lender will fund.  

Trusting your lender is vital when borrowing funds to purchase a property at auction. It’s this trust that empowers our mission at Albatross to simplify the process and work sustainably, today and in the future.  Our market-leading reputation is based on speed, service and deliverability making us the lender of choice when it comes to working towards tight completion deadlines. 

 

Product Highlights

  • Loans from £50,000 to £5,000,000
  • Rates from 0.99% pcm
  • Guaranteed to meet completion deadline
  • Streamlined underwriting process
  • AVM/Desktop valuations considered
  • Residential and mixed-use security assets accepted
  • Commercial to residential conversions accepted
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Case study

  • Loan Amount: £335,000
  • LTV: 65%
  • Rate: 0.89%
  • Term: 18 Months

Albatross provided a loan facility to a consultancy company who had just secured to major healthcare contracts. The company required funding to support the cash flow and investment requirement to ensure these contracts could be carried out, without the financial stress of meeting payroll, paying suppliers, and so on. The company did not own any physical assets for us to secure against, however the client offered us their primary residence as collateral. The property already had a first charge mortgage with a mainstream bank and therefore consent was required for us to sit behind. Albatross obtained authority from the client to speak directly with their bank, in order to drastically speed up this process and allow for the funds to be released quickly to ensure the client could meet their finance requirements.

As a result, the contracts were a huge success and the profits from this activity repaid our loan amount in full, well within the initial 18 month term, with no early repayment charges.

Testimonials

Mr Khan

Broker

As a sole trading developer, my main focus is put my energy in to carrying out exceptional schemes. Over the years, I have kissed many frogs when it comes to borrowing money; you either get a lender too wrapped up in red tape to be able to provide the speed and flexibility that I need, or a lender who doesn’t fully understand the inevitable ups and downs of property development in order to get to the finished masterpiece.

Albatross have been like a trusted business partner to me for several years now and they play a large part in the success I have had commercial. Cannot recommend enough.

Miss Perry

Broker

Like many, I found myself up against it, financially, during the covid 19 period. I was faced with a business debt that required immediate payment, but my funds available were limited.

Fortunately, my broker introduced me to Albatross. They met me almost immediately on the site of a small barn and vacant barn conversation that I own and rent out on a holiday let basis. Given the urgency, we instructed legals at the time of meeting and they provided me with funds within 48 hours, ensuring I settled my payment on time. I will be forever grateful for both their speed of initial delivery, and service and understanding throughout the loan term.

Mr Poulton

Broker

I have been supporting Albatross with loan applications since their inception, and some 8 deals later they continue to be my ultimate lender of choice. I particularly relish the fact I can call the office and speak directly to a decision maker; they don’t always say yes to my deals, but I equally appreciate the quick no’s.

A lender who is able to be as commercially minded and efficient as Albatross is a lender who’ll go very far.

Product guide

Download our product guide for more details.

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Head Office

Address: 48 Warwick Street, London, W1B 5AW

info@albatrosslending.co.uk

0208 079 7691

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