Top auction house in Wales Paul Fosh teams up with lender Auction Finance

Paul Fosh Auctions in Wales is the latest auction house to team up with lender Auction Finance Limited to offer faster funding to purchasers.

Paul Fosh Auctions is the biggest auction house in Wales and has eight auctions lined up in 2012 which take place every six weeks in Cardiff.

The business recorded sales of £16.75m in 2011 from 304 lots sold out of the total of 406 offered. It auctions a range of properties including industrial, residential, industrial, commercial offices, garages and plots of land, on behalf of a range of owners from local authorities to private sellers.

Last year, in Wales, £93.5m was raised at auction coming from 1,217 sales out of 1,633 lots on offer.
This agreement with national lender Auction Finance Limited means that investors can get fundstransferred within 24 hours following completion of a Paul Fosh Auctions sale so they can meet the tighter deadlines under auction rules.

Paul Fosh, founder and managing director of Paul Fosh Auctions, said: “We’d heard good reports from property investors who have used Auction Finance and we’ve wanted to work with the team for a while. This arrangement gives us a competitive advantage to enable purchasers to secure funds quickly to get the property they want on the day. We’re one of the fastest growing auction houses in the UK and we’re ambitious for further growth in Wales. Arrangements like this enable us to offer more services to investors.”

Scott Hendry, National Development Manager of Auction Finance Limited, said: “We’re pleased to be working with Paul and his team. The most important thing for property professionals buying at auction is the ability to complete quickly. Having funds in place enables better opportunities to be completed so that property professionals can profit from the transaction after redevelopment or securing tenants sooner.”

The next Paul Fosh auction which will be held at the Park Inn Hotel, Circle Way East, Llanedyrn, Cardiff, on Thursday, March 29, starting at 5pm.