Claire and Steve get a property at auction

bridging loans for auction propertyClaire and Steve found a property that they set their hearts on that was up for auction. They needed to raise 100% of the auction price plus some extra money to cover the cost of renovation that would be needed before the could resell the property.

Although they had little funding of their own they were able to use the auction property and their existing property as security which gave them enough funds to buy the property, renovate it and pay all the legal and estate agency fees. We managed to get the deal done well within the 28 days prescribed by the auction company and Steve and Claire had 6 months to do all the work they needed before selling the property to repay the bridging loan and make a tidy profit.

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