Over £1 Million in First Week

A Manchester company that provides funds for properties bought at auction has smashed through its growth targets by lending over £1 million in its first week of trading.

Auction Finance Limited was launched last month as a response to the nationwide increase in the number of properties being sold at auction.  The company is dedicated to providing finance for property professionals before, during and after an auction has taken place.

Irene Thomas, Operations Manager, predicts that Auction Finance Limited will lend £100 million in its first year.

“We’ve had fantastic results in a short space of time and with the number of properties sold at auction on the increase, we’re expecting our growth curve to continue.  We’ve built some excellent relationships with auction houses across the UK and are looking forward to forging further successful partnerships within the auction industry.  We have a fantastic team with a wealth of industry knowledge and we’re all extremely excited about the future.” 

From April–June 2007 there were 5,120 residential properties sold at auction, the highest number of sales in over 2 years and a 22% rise on the previous quarter.  There were 1,228 commercial properties sold at auction in the same period, an 18% rise on the number sold from January-March.

As well as providing property professionals with funding solutions, Auction Finance Limited’s team of experts attend property auctions throughout the UK to provide guidance and support throughout the auction process.