Hope Capital unveils first auction finance deal

Rates for auction purchases, which include self-funded light refurbishment work, start at 0.89 per cent a month and deals are available up to 75 per cent loan to value.

The deal is 0.06 per cent cheaper than its standard bridging deal.

A free valuation is available and loans are available from £200,000 to £2m.

The loan can be taken over three to 18 months.

Hope Capital: ‘Growing demand for auction products’

Jonathan Sealey (pictured), chief executive at Hope Capital, said: “We’ve worked with many brokers and borrowers on auction deals over the years, however we’ve never actually offered a specific auction finance product. Owing to the growing demand for this type of loan and conversations we’ve had with brokers, it felt like the right time to launch a solution which is specifically tailored to auction purchases.

“The main attraction of purchasing a property at auction using a bridging loan is the speed it can offer. With the majority of bidders against a 28-day timeframe, we have an extremely efficient team and smooth onboarding process to ensure our borrowers can raise their paddle with confidence.”