A type of short term loan, generally used as an interim loan before the arrangement of larger or longer term financing. Typically paid back when the property is sold or refinanced with a traditional lender. Tends to be more expensive than traditional loans and mortgages, but they are usually arranged quickly and with relatively little documentation.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.