Auction.com launches finance division catering to investors

Auction.com has launched a  new finance division to “facilitate” financing for commercial and residential real estate investors that the company says will allow “a much larger audience” of potential buyers to participate in its auctions.

Auction.com currently partners with Chase, Bank of America, Greenlight and Nationstar Mortgage to provide financing on residential auctions of owner-occupied homes, second homes and investment properties. The owners of properties up for sale on Auction.com sometimes offer financing.

According to a disclaimer on the company’s website, Auction.com and its Auction Finance division do not offer financing. All loans are made by Archetype Credit Opportunities Funding I LP, a Miami Beach, Florida-based lender. Archetype Credit Opportunities does not offer loans on residential property that is or will be owner-occupied, Auction.com says.

Auction Finance will be led by Gordon Smith, formerly a managing director with Fortress Investment Group, who will be based in Auction.com’s Silicon Valley office.

http://www.inman.com/2014/10/09/auction-com-launches-finance-division-catering-to-investors/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s