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Auction finance · Pattinson Auction
Bidding on a lot at Pattinson Auction? We arrange the bridging finance to meet the completion deadline, with the exit planned before you raise your hand.
Pattinson is a major North East auction operation selling high volumes of property online, from its Newcastle base out across the country, with catalogues strong in North East residential stock. This is our home patch, and we know the stock that comes through these sales street by street. Based in Newcastle upon Tyne and the North East, selling nationally online, their sales attract exactly the kind of lots we finance every week: tenanted investments, refurbishment projects, HMO-suitable houses, mixed-use buildings and the properties mainstream mortgages will not touch.
Most lots sell conditionally with a reservation period before exchange, though terms vary by lot, so check whether a sale is conditional or unconditional before bidding, because it changes the finance deadline materially.
Our job is to make the auction clock irrelevant. Before the sale, we review the lot and legal pack with you, issue indicative terms and line up a lender decision in principle, so you bid with your finance effectively agreed. After the hammer, we drive the valuation and legals to complete inside the deadline, and where the property needs work, we structure the loan so the refurbishment and the exit refinance are part of one plan.
Also see: Auction Finance · Bridging Loans · BRR & Conversion Bridging · HMO & Multi-Unit Finance
The buyers who win at auction are the ones whose finance was arranged before the catalogue closed. Send us the lot today.
Frequently asked questions
The deadline is set by each lot's conditions of sale, not by us or by any general rule. Most lots sell conditionally with a reservation period before exchange, though terms vary by lot, so check whether a sale is conditional or unconditional before bidding, because it changes the finance deadline materially. Whatever the contract says, we work backwards from that date and get the finance moving the moment your bid wins, or ideally before.
Yes, and you should. We can issue indicative terms, often within 24 hours, and have a lender decision in principle lined up against the lot before you bid, so you bid knowing your ceiling and your costs rather than hoping.
At a traditional auction you typically pay 10% of the purchase price on the day, with the balance at completion. Bridging can typically fund up to 75% of the value, more with additional security. All figures are indicative, for UK incorporated businesses only and subject to credit underwriting.
Auction lots are often unmortgageable in their current state, no kitchen or bathroom, short lease, structural issues, and that is usually why they are at auction. Bridging lenders fund exactly these properties, and we structure the loan so the works and the exit are part of the plan from day one.
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