Marios Theophanous

London Credit brings back auction offering

London Credit has relaunched its auction finance products.

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

With this product, an offer can be issued prior to the auction so that a potential buyer has surety of funds should their bid be successful. 

Marios Theophanous, credit manager at London Credit (pictured above), said: “Buying a property at auction has become more popular, as the move to online auctions as a result of Covid-19 restrictions has actually opened up the market to more people. 

“And, of course, 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

“So, we wanted to create a product that gives investors what they need — surety of funds at the outset. 

“We can lend up to 70% LTV on terms of 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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