LendInvest today announced it has become a funding partner for online auction house LOT11.
Items for sale at LOT11 auctions will be pre-screened, allowing bidders to see which properties LendInvest is prepared to back.
Summary funding details will be presented at each pre-qualified lot, including key property information.
Matthew Tooth, head of distribution at LendInvest, said: “This exciting partnership reflects the growing importance of auction finance to LendInvest. Both LendInvest and LOT11 are challenging the status quo in our respective fields with the application of sensible technology, so we make perfect partners.
“This service will help prospective buyers and their brokers move quickly to secure properties that catch their eye.”
LOT11 held its first auction in November 2015 and has since sold properties across the asset classes throughout the UK. The partnership begins with LOT11’s quarterly auction on 27 September.
The company’s last auction attracted participants from more than 120 countries.
An increase in international bids illustrates the way technology is making the industry increasingly efficient, according to the auction house.
Kevin Coughter, chief executive of LOT11, added: “LendInvest has established itself as a lender which offers a speedy, efficient and flexible service for buyers and sellers who need to move quickly. LOT11 clients are accustomed to achieving fast results and having all of the information they need at their fingertips; this partnership will only enhance their journey with us.”
LOT11 is an online auction house, offering properties for auction on a weekly and quarterly basis.