An offer can be given before an auction takes place and loans are available from £100,000 to £3.5m on properties in London, the South East and major cities.
London Credit lends up to 70 per cent loan to value (LTV) on terms up to 18 months.
Marios Theophanous, credit manager at London Credit, said: “Buying a property at auction has become more popular as the move to online auctions as a result of Covid restrictions has actually opened up the market to more people.
“We wanted to create a product that gives investors what they need – surety of funds at the outset.”
Velocity Bridging launches 90 per cent auction product
Velocity Bridging has launched a bridging loan product which offers finance of up to 90 per cent of an auction purchase price.
It is available direct to consumer on properties worth £100,000 or more through auction with no additional security required.
The product has no exit fees or valuations and only residential properties are eligible. Velocity also aims to provide funding within two weeks.
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.”