IRVINE, CA—Auction.com, LLC, the world's largest online real estate marketplace, has launched its Commercial Real Estate Financing Portal which enables investors to apply for financing on qualified assets quickly and efficiently via the firm's site. Now real estate investors can complete financing applications, view their loan application status in real time, upload documents from their desktop, laptop or tablet, access their term sheet and communicate with lenders directly from Auction.com's secure portal.
Financing options will be provided by the company's preferred lenders and will count towards a buyer's proof of funds – a requirement for bidding on all properties offered for sale on the Auction.com platform. By increasing buyer liquidity, Auction.com is allowing a much larger audience of potential buyers to participate in its commercial real estate auctions – something that benefits both buyers and sellers in the Auction.com marketplace.
“Financing is in high demand among commercial buyers,” said Gordon Smith, general manager of Auction.com's commercial real estate division, who noted that about 50% of the commercial investors using the Auction.com platform tend to finance their purchases. “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.”
The Auction.com platform offers complete transparency to the large pool of bidders it attracts from around the world. In turn, the competition among qualified buyers ensures that sellers' assets are transacted at fair market value. Auction.com enables buyers and sellers to conduct transactions in the most efficient manner possible by leveraging internet technology to streamline a cumbersome, complicated and paperwork-intense process.