Industry first partnership between online auction house and lender announced
Short-term property finance lender LendInvest has announced this morning that it has become the funding partner for online auction house LOT11.
The partnership will see LendInvest pre-qualify select lots at LOT11 auctions which fall within the lender’s criteria. The lender’s logo will appear next to any auction property that it has pre-qualified, allowing bidders and their brokers to see at a glance which properties LendInvest is prepared to lend against.
On the information page for each pre-qualified lot, summary funding details will be presented alongside other key property information, such as floor plans and legal documents, reflecting the imperative of arranging auction finance in advance of a bid for prospective bidders.
LOT11 is an online auction house, offering properties for auction on a weekly and quarterly basis. LOT11 held its first auction in November 2015 and has since sold properties across the asset classes throughout the UK. Its last auction attracted participants from more than 120 countries, illustrating how online property auctions open up bidding to interested parties from around the world in a faster, more efficient way than ever before.
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.”
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 begins with LOT11’s quarterly auction on 27 September. Properties for that auction will be available to view on the LOT11 website three weeks beforehand.