Wirral-based Bridging Finance Solutions has been appointed as preferred auction finance lending partner to Auction House, a national franchise of property auction houses.
Auction House claims to have 4.5% of the UK property auction market with 150 estate agency branches and 20 regional auction rooms.
Bridging Finance Solutions, formerly called Bridging Finance (NW), was set up by Steve Barber, a former management consultant, in 2005. Barber says his company has since arranged more than £40m of bridging and development loans funded by unnamed financiers.
Barber added: “Auction House has enjoyed impressive growth over the past few years and I’m looking forward to building on what will be a mutually beneficial relationship for both businesses.”
“There’s significant demand for fast, accessible finance in the property sector. Many investors are still finding it difficult to secure funding from mainstream lenders in order to complete property sales and carry out refurbishment works. As Auction House’s preferred finance supplier we will be able to help many more investors meet their objectives.”
Roger Lake, founding Director of Auction House, said “As mainstream banks reduce their exposure to the refurbishment market, more of our buyers are moving to specialist short-term finance arrangements. In Bridging Finance Solutions, we’ve found a firm with a proven ability to provide those needing funds for property improvement quickly and efficiently.”
Auction House is on schedule to hold auctions in 2010 and plans to grow its network of regional auctioneers from 23 to 50 over the next few years.