Online mortgage provider LendInvest has launched a dedicated finance product tailored to buyers at auction.
LendInvest said the product has been designed for borrowers who need deals to be fast-tracked to ensure certainty of funding within tight timeframes.
Key features include a 50% discount on valuation fees and no exit fees. Loans of between £75,000 and £7.5m will be available on terms from one to 12 months, with a maximum 75% loan-to-value ratio.
Matthew Tooth, chief commercial officer at LendInvest, said: “A significant proportion of the deals that brokers bring to us are for purchases agreed at auction.
“In these cases, our brokers’ clients too often struggle with the same issue: their lenders can’t meet the demands to get their loans completed in time.
“Our auction finance borrowers receive a fast-tracked service to give them the comfort they need to know that if we say we’ll lend, we’ll do so in the short space of time available.”
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