19Jan2018

Fast finance available at Smith and Sons property auction

Property auctioneers, Smith and Sons, has announced details of its Spring sale with 28 lots available.

The auction will take place at 2pm on the 27th April at the Village Hotel in Bromborough, with lots including commercial and residential property in need of refurbishment and repair, homes ready for occupation, as well as residential development land and commercial investments.

Partner organisation, Bridging Finance Solutions, will be available on the day and beforehand to help organise short term finance, ensuring bidders can complete on any agreed deal within 28 days of purchase at the auction.

Chris Johnson, Auctioneer at Smith and Sons said: “We have a long term relationship with Bridging Finance Solutions who have supported many of our customers through the auction process. The nature of the auction sale means that 10% of the purchase price must be made on the day and the remaining 90% paid within 28 days. This is sometimes unobtainable through high street lenders and so a short term bridge essentially allows the deal to be done, giving the buyer the time and flexibility needed to arrange long term funding.

“As interest in the property market heats up, people are looking at different ways to secure funding and as bridging is becoming increasingly integrated into the main stream finance sector, this is becoming the obvious solution.”

Chris added: “This is a really strong auction and there are some fantastic lots that present a range of opportunities. We want to give our purchasers choice and support in terms of funding each sale.”

A large double fronted property in Edale Road, Mossley Hill, with a guide of £190,000 to £220,000 has already generated a great deal of interest as has a four bedroom semi-detached home on Pensby Road in Heswall, guided at £190,000 to £210,000.

A semi-detached house in four flats on Seabank Road in New Brighton is available at a guide of £140,000 to £170,000, and could generate a rental income of £18,260 per annum. A site in Eaton Road, West Kirby has planning for one detached house.

Bungalows in Raby and Formby present excellent opportunities for upgrade and extension whilst several lots provide immediate rental income.

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