As the property sector begins to navigate a new way of working post-lockdown, the auction property market has already embraced a shift online supported by the team at Bridging Finance Solutions.
BFS continues to be considered the bridging lender of choice for many auction houses throughout the UK and are working closely with partners ahead of initial online sales.
Steve Barber, Managing Director at Bridging Finance Solutions explained: “Exploring and integrating new technology has always been an important part of our business and so we have found ourselves in the fortunate position of being fairly well prepared.
“The majority of our internal and external processes have already been shifted towards an online platform, including the onboarding of clients via NIVO, and so applying that to the auction market has been a fairly straight forward move. All documentation can be completed and submitted online including bank statements and ID which helps reduce the risk of cybercrime, utilising Zoom for any necessary face to face to face interviews.
“The auction market appears to be fairly buoyant, in line with the wider property market. There will inadvertently be stock left from cancelled auctions as well as new lots coming to market and so we are seeing fairly bulky catalogues with strong potential.”
He added: “We are seeing a lot of enquiries across the board in terms of auction properties as well as general lending. We have continued to operate as ‘normal’ during lockdown and are already making plans to bring staff back onboard to ensure we can deliver in line with what appears to be continually escalating demand.
“As with previous periods of economic uncertainty, we have retained a firm, service-driven approach, weathering the storm in unchartered territory and supporting our customers with their development finance and bridging lending needs.”