London Credit has relaunched its auction finance product that enables property investors to access the property auctions market.

Under the bridging lender’s product, an offer can be issued prior to the auction so that a potential buyer has surety of funds should their bid be successful.

Loans are available from £100,000 to £3.5m on properties in London, the South East and major cities, with approval in principle and indicative terms usually available within an hour

Credit manager at London Credit, Marios Theophanous, suggested that buying a property at auction has become more popular in the last year, with COVID-19 restrictions causing a move to online auctions and opening up the market to more people.

“With completion usually required within 28 days, buying at auction remains one of the few ways that property investors could benefit from the stamp duty holiday,” Theophanous said. “So, we wanted to create a product that gives investors what they need – surety of funds at the outset.

“We offer bridging finance that goes back to basics, building our proposition on speed, flexibility and the ability to lend on complex cases. We can lend up to 70% LTV on terms up to 18 months, providing brokers with simple, no fuss financing solutions for their clients, supported by a fair procuration fee to reflect their work.”

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