An Auction Finance Loan with Glide is designed for all types of investment properties – residential, Semi-commercial, Commercial, and even land.
We can pre-approve your Auction Finance Loan in just 5 minutes when you apply online. We don’t believe in long-winded application forms or making our borrowers jump through hoops.
You will have up to 12 months to repay the loan, by either arranging a long-term mortgage, or by selling the property.
Borrowers have the ability to service the interest payments each month, or if you prefer, we can deduct the interest from the loan on day one. Whichever suits!
When buying properties at auction you will normally have to pay a 10% deposit to exchange on the day and pay the remaining 90% within a 28-day period. This period does vary from one auction house to another. However, Glide will work quickly to provide your loan within your completion deadline.
Now, you may already have the 90% ready to go, either by way of your own savings or perhaps you have a mortgage lined up. Any mortgage you have approved will need to be completed within 28 days, which is quite an ask with traditional lenders. Glide offers auction finance to bridge the gap between signing on the dotted line and applying the mortgage to the property.
You might be buying a property at auction that you intend to refurbish and then sell immediately, meaning a long-term mortgage wouldn’t be suitable.
It might be that you are looking to add a property to your investment portfolio, but it isn’t quite in a mortgageable state and needs some TLC (perhaps it needs a new kitchen or bathroom). A Glide Auction Loan gives a borrower up to 12 months to do the work required and refinance or sell the property to repay the loan.
Glide can offer you pre-approved Auction Finance on the same day you apply and before you even attend the auction. Pre-approval means you can be sure you are bidding with the confidence that you will have the funding available to complete the property transaction.
At Glide, we know things need to move quickly and we don’t want to slow you down. Glide’s Auction Finance offers:
A simple online process that can be completed in just 5 minutes
No long-winded application forms
No complex jargon
Up to 70% LTV
Residential, commercial, and semi-commercial property and land considered
Loans available from £100,000 – £5,000,000
We were successful in auction and applied immediately online. Funds were with our solicitor in just a week. We have used Auction finance before but none were this fast or efficient.
After being let down at the 11th hour we contacted Glide who saw through the issues we were facing and completed within our notice period meaning we didn't lose the property.
I was able to contact Glide any time of day or night and always got a response, I wondered if their team ever sleeps but I was so grateful for their help, nothing was too much for them.
Glide understands that buying a property at auction can be quite daunting, which is why we try and make the process as streamlined as possible.
Property auction finance is useful for purchases of:
Land with and without planning
Auction Finance with a Glide loan can be arranged in advance using our simple online process. You’ll have your terms agreed before you go to auction or after the successful bid at auction.
This depends on the LTV of the deal as all loans are priced on risk. The higher the LTV the higher the interest rate will be.
Any fees payable are outlined in your offer document so you can see the true cost of the loan before you commit.
Interest is calculated monthly, so the sooner you can repay the loan the less it will cost.
Borrowers can have interest deducted on day one or you can service the loan each month, whichever you prefer. If interest is deducted and you repay before the end of the term, you just pay for the time you have had the loan.
Our borrowers pay legal costs which are only payable once you are happy with the terms we have offered. These are fully detailed on your offer document. We may ask for a valuation to be carried out, but if we do, and there is a cost, this will be detailed in your offer prior to you accepting. No sneaky fees at Glide.
We have a variety of features with our auction finance. To check if you could be pre-approved, just apply using our simple 5-minute process.
Auction finance can be pre-agreed. This means once your property has been won at auction, you can move onto the next stage hassle free.
Auction finance is based on the asset you are buying. We don’t ask for your employment history, blood type or baby teeth. Our loans can be agreed the same day.
Auction finance allows you to purchase properties ignored by other lenders. Incomplete properties and those in need of refurbishment can still be purchased with auction finance. If you see potential in a property, we do too!
Loans can complete in as little as 5 days.
Auction finance is a bridging loan used to secure a property being sold at auction whilst long-term finance is arranged, or whilst works are done to the property and then sold or refinanced.
Glide auction loans range from £100,000 - £5,000,000
Anyone can. Typically auction finance is used by property investors and developers.
Auction finance is similar to a mortgage. You can borrow up to 70% LTV with Glide. At the fall of the hammer, you will need to pay a 10% deposit to the auction house, and your auction finance will then cover most of the funds you need with you finding the remainder, or if you have additional security, Glide can assist you with the full remaining 90%.
Auction finance can be used on all types of property. Residential, semi-commercial, commercial and land.
It certainly can - Glide can offer terms up to 65% against commercial auction property and up to 100% with added security.
Glide can help if you apply before or after the auction. We can provide you an offer in as little as 4 hours so you can go to the auction and bid with confidence or if you need to move fast after you have won an auction lot, which works for us too.
There will be an arrangement fee which can be added to the loan. There may also be a cost of valuation report and solicitors’ costs which are payable in advance but only after you have accepted your offer of finance.
Speed - mortgages can take a long time and you typically have 28 days to complete from the fall of the hammer. A bridging loan can be arranged in as little as 5 days.
We can have funds available in as little as 5 days.
We work with borrowers of all shapes and sizes. The really important thing is the property, and there are very few circumstances where Glide can’t help
Too right we can! We can often help where others can't and will always find a way to make things work where we can.