The term used for business bank loans. Commercial lending can be placed on the property purchased at auction, or it can be charged against a different asset by the borrower. This allows the borrower to ‘drawdown’ funds to purchase a property, but does not necessarily mean the loan is secured on the property bought.
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.