LOT11, an online auction house, is teaming up with short-term lender LendInvest in the first alliance of its kind.
LendInvest will ‘pre-qualify’ lots at LOT11 auctions which fall within its criteria, meaning bidders and brokers can see 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, which is only nine months old, attracted participants from more than 120 countries to its most recent online auction.
The partnership begins with LOT11’s quarterly auction on September 27 with properties available to view on the auction firm’s website three weeks beforehand.