This particular case is an excellent illustration of how our experienced clients prepare themselves by arranging their finance with us before they go to auction.  As several other case studies demonstrate, the speed with which we can advance funds can be a huge advantage for investors who find themselves let down by other lenders at the last minute, but it is always preferable, not to mention less stressful, for a buyer to know that their finance is in place before they start bidding!

In this case the buyer was an existing client who had determined to bid on a large, 2 bedroom apartment at a well known London auction.  If he was successful at auction, his plan was to convert the property into two smaller apartments and sell them on, realising a substantial profit.

The property was on a 14 day completion period and the client knew that a conventional lender would not be able to work within this timeframe.  Based on his experience of the market and the guide price in the auction catalogue the client worked out his maximum bid and called us to discuss an advance of £180,000.  We had no problem agreeing this, and when the client made a winning bid of £229,000 on the day of the auction he already knew that the finance he required would be ready and waiting when the time came to complete.