Auction.com has a created a new portal designed to connect potential investors with lenders.
The Commercial Real Estate Financing portal allows investors to apply for financing through Auction.com with the company's preferred lenders. The portal also enables investors to review their loan application status, access their term sheet and communicate with lenders directly from Auction.com's secure portal, according to a company press release.
Financing procured through the portals will count toward investors' proof of funds. Through the added financing options, Auction.com hopes to attract a broader audience: about 50% of commercial investors using Auction.com finance their purchase, according to Gordon Smith, general manager of company's commercial real estate division.
"Financing is in high demand among commercial buyers," Smith said. "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."
Based in Irvine, Calif., Auction.com has sold more than $30 billion in residential and commercial real estate since it was founded in 2007.
