Use our AI loan finder to get a better rate on auction finance than Shawbrook Bank
Shawbrook Bank Auction Finance
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Compare the best auction finance to Shawbrook Bank using the loan comparison calculator provided. Best rates for auction finance.
Shawbrook Bank stands out from traditional high-street lenders in numerous aspects, showcasing excellence and innovation in the financial sector. With a diverse and flexible range of products, Shawbrook sets a notable standard for contemporary finance. Covering everything from car loans to wedding loans and various business loans, the bank prides itself on its adaptability.
However, when it comes to bridging loans specifically designed for auction finance, Shawbrook Bank hasn’t incorporated them into its portfolio. As a result, borrowers may face the familiar challenges of complex and time-consuming loan application processes. If time is of the essence and delays are undesirable, an alternative solution is required. Look no further than Donkey Finance for efficient and tailored auction finance!
Auction finance from Donkey Finance
Successfully bidding and acquiring a property at auction requires absolute confidence in securing the necessary funds within a tight timeframe, usually around 28 days from a successful bid. It’s crucial to recognise that a successful auction bid constitutes a legally binding transaction, akin to the exchange of contracts in standard property dealings. Failure to adhere to this tight timeframe could result in stringent financial penalties for the bidder.
Upon a successful auction bid, the bidder is typically obligated to pay a 10% deposit of the purchase price, which may be forfeited if the remaining funds are not promptly secured. Given the challenging nature of obtaining a mortgage within this limited timeframe, especially if the bidder doesn’t have readily available funds, turning to a bridging loan often emerges as the most viable alternative. Bridging loans offer a short-term financing solution, facilitating the acquisition of an auction property, and are typically repaid when the property is sold or refinanced with more conventional financing, such as a mortgage.
Don’t let financial constraints hinder your participation in auctions
One advantageous solution is the flexibility and rapidity of bridging finance, which surpasses the constraints of a traditional mortgage. Decisions regarding bridging loans for auction properties are often reached within a few hours of the initial inquiry, and the required funds become available within days. This swift process empowers the borrower to complete the auction property purchase comfortably within the standard 28-day timeframe set by auction companies.
Bridging finance can also cover the 10% deposit if mandated by the bidder, provided the loan company approves this arrangement before the auction date. In such cases, the 10% is typically secured against another property owned by the bidder or an associate.
Furthermore, arrangements can be made to secure 100% or more of the purchase price, covering renovation funds, fees, etc. To enable this, collateral in the form of other properties is necessary.
| Browse all Shawbrook Bank comparison services | |
|---|---|
| Shawbrook Bank Bridging Loans | Shawbrook Bank Commercial Finance |
| Shawbrook Bank Development Finance | Shawbrook Bank Loans |
| Shawbrook Bank Mortgages | Shawbrook Bank Auction Finance |
For personalised advice on bridging finance, kindly fill out our brief application form. The dedicated team of bridging loan experts at Donkey Finance will reach out to provide tailored guidance, ensuring access to the most competitive auction finance rates in the UK.
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