Auction house teams up with bridging lender

Auction house teams up with bridging lender




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 A Merseyside bridging lender has teamed up with the area's largest auction house to offer potential buyers quick loans.

 
Bridging Finance Solutions (BFS) has joined forces with the Sutton Kersh property auction house in an effort to offer bidders the funding that they are unable to get from traditional lenders.
 
With many high street lenders continuing to impose strict lending criteria on investors and in some cases withdrawing from funding for smaller scale property developments all together, specialist lenders like BFS are filling a vital gap in the market.
 
This comes as great news to auction houses, as the lack of financing and a shortage of stock has made the auction house environment a difficult field for both buyers and sellers, despite the fact that many investors are keen to cash in on property while prices are low.
 
James Kersh, director at Sutton Kersh, said: “With so many investors wanting to buy in the current market conditions, it is the lack of funding that is being made available to them that is preventing the market from a faster rate of recovery. Those investors that are able to make smart purchases in the present market are set to be well rewarded in the medium to long term. BFS are providing a simple, efficient and cost-effective solution for these buyers and we are keen to raise awareness of their services and ensure we help our clients as best we can in what continues to be a very tough market.”
 
As specialist bridging lenders, BFS promise to deliver an offer in principle within 24 hours of receiving an inquiry. They offer loans on residential properties for up to 9 months.
 
Steve Barber, director at Bridging Finance Solutions, said: “We are delighted to partner with Sutton Kersh in providing short term finance solutions for their clients. We specialise in fast short term funding for property refurbishments, auction purchases, fast residential investment property purchase and capital raising, whilst property is sold or refinanced onto long term funding. As the leading private finance house on Merseyside, the partnership provides for an excellent flexible service for property investors in a buyers market.” 
 

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