Merseyside-based loan provider Velocity Bridging has launched a bridging loan product, offering 90% of auction purchase price.
The bridge is available to customers purchasing property worth over £100,000 through auction with no exit fees or valuations, while no additional security is required.
Iain Johnson, sales and underwriting manager at Velocity Bridging, said: “At present, the housing market continues to show promising signs and with auction property sales becoming ever more popular, the Velocity Bridging team feel confident adjusting our offering to suit the needs of our customers.
“We remain optimistic for the housing market, and we are more than ready to deliver market-leading bridging loans to those who require it.”
Buying property at auction has become an increasingly popular option for investors, as they can immediately work on renovations and potentially buy at a competitive price.
The new bridging product is purely for residential properties but may evolve in future.
This post has originally been featured in Property Wire.