Today has seen an industry-first partnership between an online auction house and a mortgage lender.
Short-term property finance lender LendInvest has become the funding partner for online auction house LOT11.
This partnership will see LendInvest pre-qualify selected lots at LOT11 auctions which come within the lenders’ criteria. In addition the lender’s logo will appear next to any auction property that has been pre-qualified by them. This will allow buyers to see at a glance which properties the lenders is prepared to loan against.
On the information page of each property, funding details will be present, as will other key information. This will include floor plans to legal documents.
Matthew Tooth, Head of Distribution at LendInvest, said, ‘this exciting partnership reflects the growing importance of auction finance to LendInvest. Both LendInvest and LOT11 are challenging the status quo in our respective fields with the application of sensible technology, so we make perfect partners. This service will help prospective buyers and their brokers move quickly to secure properties that catch their eye.’
Partnership between online auctioneer and mortgage lender revealed
Kevin Coughter, CEO of LOT11, added, ‘LendInvest has established itself as a lender which offers a speedy, efficient and flexible service for buyers and sellers who need to move quickly. LOT11 clients are accustomed to achieving fast results and having all of the information they need at their fingertips; this partnership will only enhance their journey with us.’
The partnership will officially begin at LOT11’s next quarterly auction on the 27th September.