Commercial Real Estate Financing Portal Launched By Auction.com
What would it look like if your local MLS or CIX offered property financing? Can listing and financing services peacefully coexist on the same software platform?
We may soon find out – at least if you consider Auction.com a listing site.
Auction.com will now offer financing on qualified assets via their new Commercial Real Estate Financing Portal. Financing options will be provided directly by Auction.com’s preferred lenders. All approvals will count toward a buyer’s proof of funds which is a requirement for all bidding for all property on the Auction.com site.
Real estate investors can go to Auction.com’s secure portal to complete financing applications, upload pertinent documents, view the progress of their application status in real time, and communicate directly with their lenders about all aspects of the process.
According to Gordon Smith, general manager of Auction.com’s commerical real estate division, approximately 50 percent of investors using Auction.com’s platform tend to finance their purchases. “Financing is in high demand among commercial buyers. By directly connecting investors with trusted commercial real estate lenders that understand the auction process and closing timeline requirements, we’re enabling buyers to make winning bids on properties that previously may have been out of reach due to cash restrictions. And, by increasing buyer liquidity, we’re improving our ability to get sellers the highest price for their assets.”