The staff at Auction Finance Limited are celebrating the firm’s first birthday and looking back on a successful year despite the turmoil in the property and finance markets.

Auction Finance Limited was officially launched on 1st October 2007 to focus solely on providing funds for property professionals purchasing at auction.

Representatives from the company are now attending the sales of over 40 different auction houses throughout the UK including some of the biggest names in the industry.

New Business Manager Scott Hendry said:

“It has been a great first year for us. 12 months ago Auction Finance Limited didn’t exist so the level of brand awareness we have achieved has been fantastic and it’s helped us to build a very loyal customer base who appreciate the speed and reliability we can offer. Our business is to provide the initial finance that enables people to make money from property investment and I think we have definitely achieved this.

“We have also made huge strides in our aim to forge strong relationships with auction houses and I don’t think there is any other lender that can offer the same kind of on-the-spot service to the bidders in their sale rooms. When I attend an auction I have access to all the technology and systems I need to underwrite deals there and then, exactly the same as if I were sitting at my desk in the office. This is what sets us apart from other finance providers.”

Although the team are pleased with what they have achieved, they acknowledge that the global credit crunch has had an impact on growth. Irene Thomas, Operations Manager said:

“It is true that the downturn in the housing and mortgage markets has contributed to a drop in the number of transactions taking place at property auctions, but we are proud that we have been able to assist bidders throughout this challenging period and have helped them to bring some great deals to fruition.

“We’ve spent the past 12 months refining our processes and reducing unnecessary red-tape which can be a barrier to quick advances, so we are able to work even more efficiently than we did at our launch. We’ve also introduced new services like the Auction Promise document, which gives our clients confidence that their funds will be ready on time with none of the last minute delays or changes of heart that they might have experienced with other lenders.

“Now that there are signs of renewed activity in the sale rooms we are both willing and able to provide the finance that purchasers need, and we can do it faster and more smoothly than ever before.”