Dream House At Auction

Client B bid for their dream house at auction. This property was also wanted by a number of other interested parties, including cash buyers. To secure the deal Client B was required to make an immediate offer, under the strict condition that completion must take place within 28 days of the auction date. We put a second charge bridge against the client’s current home and a first charge bridge on the new property. This resulted in the purchase being completed within 11 days, which was way ahead of expectation. Client B has now sold the original property and taken a small mortgage on the new property to repay our auction bridging loan.