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Auction finance typically consists of short term finance or bridging loans that will allow the user to quickly and easily purchase property at an auction. Because these loans can generally be arranged very quickly, it is easy for the user to purchase property within the timescale of the auction house and prevents them from losing their desired property due to difficulty getting funding in the required time.
It is important for borrowers to make sure that they have already decided not only how much money they want to spend on a piece of property, but also what kind of property they want to buy. Because auction finance is often used by landlords looking to add more property to their portfolio, it is important to have a clear understanding of the type of property that is up for auction, as well as how it will be used once it is purchased.
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