Auction Finance, provider of short-term loans for property purchases, has upped its lending by over 60% in just six months.
The business is experiencing increased demand for its short-term loans and is attributing it to the growing popularity of property auctions.
As part of its ambitious growth strategy, it has plans in place to increase its lending even further in the second half of 2014.
Scott Hendry, director at Auction Finance, observed that they are seeing a significant increase in the appetite for property purchases at auction; with every one they attended getting busier throughout 2014.
"We attended one at the start of this month (May) which hosted over 750 people and had to use security guards to keep people out of the venue as it was at capacity.
We appreciate that up until a few years back buying property at auction was relatively unheard of, and people had a number of misconceptions about the process. Now the industry is gaining traction as people are becoming more open to buying at auction and there are more experts available to help guide them through the purchase.
We know time is of the essence for auction sales so we endeavour to complete deals as quickly and simply as possible, often within a matter of hours. We’ll be attending 30 auctions alone this month, demonstrating our appetite to lend as part of our ambitious growth plans. As we celebrate our tenth anniversary this year, we are striving to increase our loan values further and continue to be a flexible, fast and fair lender.”
