Auction house buddies up with property lender

摘要

A property lender has teamed up with an auction house to provide advice and decisions on lending while auctions are taking place.Manchester-based lender, Auction Finance, has formed a partnership with Maynards Land & Property Auctioneers of Derby.Auction Finance will have a presence at all forthcoming Maynards auctions, providing bidders with on-the-spot funding decisions for the lots being sold, either before or after the hammer goes down.Scott Hendry, new business manager of Auction Finance, said: 'We are more than happy to arrange finance over the phone before an auction takes place, but having a presence in auction houses is an integral part of the service we provide and we always welcome the opportunity to meet bidders and discuss their requirements in person.'Auction Finance launched in October 2007 with the aim of providing the quick turnaround required by investors buying at property auctions. The firm lends on residential, commercial and land, on sites that mainstream lenders find difficult to fund.