Auction House Partners With Auction Finance - 11/11/10
The lender will attend auctions at Auction House's 23 auction rooms across the country and Chris Baguley, Director of Auction Finance and Roger Lake, Director of Auction House, both expect the partnership to enhance and support their property investors by providing clear and timely short term funding.
Auction House, is the sector's first national network auctioneer and the fourth largest in the UK. It operates more auction rooms than any other auctioneer in the country with rooms in Cumbria, Yorkshire, Lincolnshire and Norfolk.
Since its launch in 2007, Auction House has set a new standard within the auction sector with an impressive track record. September saw the business prove its market leading position as one of only two auction houses in the country to offer 250 lots in the month.
Essential Information Group reported that in 2010 Auction House's results are up ten per cent on regional competitors.
Chris Baguley, Director at Auction Finance Limited said:
"We're always looking at opportunities to build strong relationships with auction houses right across the UK and entering into this partnership with Auction House is a major coup for us. We expect to transact several million pounds from growing this relationship and putting clients in a position to buy.
"We admire their successful approach to selling through a network of regional auction rooms as opposed to holding centralised sales. We are not just working with a head office but franchises across the country. Auction House has the advantage that although they're a national business, the auctions are run by estate agents with a strong local presence, again offering a great level of expertise. This means local ideas with big support.
"It's the perfect partnership. We know the auction market inside out. When there's difficulty securing funding with mainstream lenders and investors need a quick decision, we can help.
"As their lender of choice, we don't just offer reassurance to investors but auction houses too. Auction houses know we can be relied on. We deliver fast turnaround on completions, help ensure bidder confidence and play a supportive role in terms of marketing and providing swift turnaround. This reduces the number of lots withdrawn.
"The auction sector is likely to see an increase in investors in the next couple of months and this will increase the demand for easy, accessible finance. Our auction specialists will be lending to well seasoned investors and first time bidders who are all heading to pick up bargains."
Auction House has just experienced its busiest month of the year with 15 auctions taking place. This is over a third up on the auction network's previous highest monthly output.
Founding director of Auction House, Roger Lake said:
"The team at Auction Finance is known to offer a high standard of customer service, something of great importance to Auction House. We need to feel assured our buyers can access finance in the timescales typical of auction purchases and Auction Finance give us that peace of mind.
"The auction sector is likely to see an increase in investors in the next couple of months and this will increase the demand for short term finance. Our auction houses will have access to an excellent range of finance products with specialists at hand at our auctions to provide finance.
"Continuing our regional approach and powerful local marketing, we are forecasting a strong year ahead and are looking forward to working with Auction Finance to help achieve this."
