Latest / The Property Unleashed Podcast / Unlocking Auction Properties, Smart Funding Strategies with Rob Peters

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Unlocking Auction Properties, Smart Funding Strategies with Rob Peters · The Property Unleashed Podcast

• 0:00
  Speaker 1: How to raise funds and finance buying property from property auction houses.
• 0:05
  Speaker 1: Let's have a look at this, shall we?
• 0:07
  Speaker 1: Hello and welcome to the Property Unleashed with me, your host, mark Fitzgerald.
• 0:21
  Speaker 1: So today I've got a little treat for you.
• 0:25
  Speaker 1: Not only will we be having a bit of a mortgage update which is very, very poignant at the moment with the way inflation is going, with the way interest rates are going and this is with our resident mortgage professional and expert, rob Peters from Simple Fast Mortgage.
• 0:42
  Speaker 1: We will be giving you an update on what's happening at the moment in the industry.
• 0:48
  Speaker 1: A little bit about Rob himself Now.
• 0:49
  Speaker 1: Rob is our resident mortgage advisor, broker and financial expert, I would say.
• 0:56
  Speaker 1: Even though he's a very, very humble guy, he's a great guy and he is a member of our power team in the ETA community, which you probably have heard me talking about already.
• 1:06
  Speaker 1: So this is taken again from one of our live sessions and I just want to share with you what the market's doing at the moment.
• 1:13
  Speaker 1: But not only does Rob help the community by making sure that people know how they can fund their deals Now, that's whether they're based in the UK or, of course, whether they're investing from abroad.
• 1:24
  Speaker 1: We also go each month into a hot topic, and the topic this month was how to fund buying properties from auction houses.
• 1:33
  Speaker 1: So go into the auction houses and also trying to fund them, because you can't just use conventional mortgages when it comes to properties like that.
• 1:41
  Speaker 1: So it puts a lot of people off actually going out there and finding great deals at mortgage houses.
• 1:47
  Speaker 1: So we're going to pop the myth, so to speak, and show you how, if you're interested in going for auction properties, how you can fund it and, of course, get out there and be the property professional of your area.
• 2:01
  Speaker 1: I hope you enjoyed this episode and I'll speak to you at the end, doing it from abroad as well.
• 2:06
  Speaker 1: He is a great source to be able to talk to, to be able to help you, and, of course, there isn't really much Rob and his team can't do.
• 2:13
  Speaker 1: So it's great to have you on.
• 2:14
  Speaker 1: Rob, how are you today?
• 2:15
  Speaker 1: I'm very good, mark.
• 2:17
  Speaker 1: Thanks very much for having me.
• 2:18
  Speaker 1: No, it's always a pleasure, always a pleasure.
• 2:21
  Speaker 1: So, without further ado, I shall hand the reins over to you, my friend, because I know you've got something good in store for us, so I'll let you take it away.
• 2:30
  Speaker 2: Fantastic.
• 2:30
  Speaker 2: Thank you very much, mark.
• 2:31
  Speaker 2: Thanks for the invite.
• 2:34
  Speaker 2: It's good to be here and to be part of this new community that you've very kindly set up for all of our benefits.
• 2:41
  Speaker 2: So my name's Rob Peters and my company is called Simple Fast Mortgage, and what I'm going to do is I'm going to do a bit of an update today that goes through a few different things.
• 2:54
  Speaker 2: I'm going to tell you a little bit about us and why you might choose to work with us, about our values and our reason, why that sits behind, why we do what we do and the type of services we offer.
• 3:08
  Speaker 2: We'll do the monthly update.
• 3:12
  Speaker 2: We'll talk a little bit about what's happening in the market, what sort of products are available, what are interest rates doing everybody's favorite topic.
• 3:19
  Speaker 2: We'll also talk about fees and other things that lenders have that we need to consider, and then I'll talk a little bit about another subject.
• 3:27
  Speaker 2: What I'll try and do is, every month, bring a different topic that links into finance that hopefully provides some good value for investors of what they might be able to do.
• 3:38
  Speaker 2: Something a little bit more creative, something a little bit more interesting, or just a topic that's really relevant at the moment.
• 3:44
  Speaker 2: A little bit more interesting or just a topic that's really relevant at the moment.
• 3:49
  Speaker 2: So about us?
• 3:53
  Speaker 2: So my company is Simple Fast Mortgage.
• 3:53
  Speaker 2: We were established in 2020, so we're about five years old now and we specialize in property finance and strategy for property investors and developers who are based in the UK and overseas.
• 4:02
  Speaker 2: So what that means is we're a mortgage broker, we're a mortgage advisor, but we specialize in working with investors and developers and we also help them take away some of the blockers that get in the way and really get to that point where we're saying, okay, we resolved everything.
• 4:18
  Speaker 2: We know exactly what we're doing.
• 4:19
  Speaker 2: Where's the property, let's go.
• 4:21
  Speaker 2: And that's the aim of what we do.
• 4:23
  Speaker 2: We're specialists for more complex types of situations, but we do cover all types of property finance products.
• 4:31
  Speaker 2: So we don't ever say, oh, we only do bridging finance.
• 4:35
  Speaker 2: Therefore, we don't look at how you might exit that, or we can't consider your buy to let, so we can't consider your residential mortgage.
• 4:42
  Speaker 2: We will cover all types of finance, and the reason we do that is because the only way to really give people holistic advice on their finance is to have all the tools available for your disposal, and that's what we do.
• 4:56
  Speaker 2: We've done over 100 million of finance so far, and we've done a good amount this year as well Me personally so I've been around for a little bit longer than five years.
• 5:10
  Speaker 2: I'm 23 years in financial services now.
• 5:13
  Speaker 2: I'm a qualified financial advisor by profession, so I spent three years studying how to assess client circumstances and give good advice, so I am backed by a proper qualification to do that.
• 5:27
  Speaker 2: But I only focus on property finance and insurance now.
• 5:31
  Speaker 2: Those are the only two sectors that I work in.
• 5:33
  Speaker 2: I'm also a property investor and I have been since 2007, when I became an accidental landlord, and I've slowly built up a portfolio since that time.
• 5:44
  Speaker 2: So why would you choose to work with us?
• 5:46
  Speaker 2: There are so many brokers and advisors and different people out there.
• 5:50
  Speaker 2: It's a confusing market.
• 5:51
  Speaker 2: Why would you pick us?
• 5:52
  Speaker 2: I think a lot of it comes from our background and what we do and who I am and what I bring to the business that I've created and the way that we've created it.
• 6:01
  Speaker 2: We are proper advisors.
• 6:02
  Speaker 2: A lot of other brokers are not.
• 6:03
  Speaker 2: Most are unqualified.
• 6:05
  Speaker 2: Some hold a kind of menial qualification, but we're properly qualified.
• 6:10
  Speaker 2: We're also regulated by the Financial Conduct Authority.
• 6:13
  Speaker 2: They're the regulator who oversee all financial services in the UK.
• 6:16
  Speaker 2: So I as an individual and my firm are both regulated and actually I even did some work for the Financial Conduct Authority in the past.
• 6:24
  Speaker 2: As I mentioned previously, we have all the tools at our disposal.
• 6:27
  Speaker 2: We deal with all types of property finance, so we'll always look to see what's the best solution to achieve the goal that you want to achieve in your property journey.
• 6:37
  Speaker 2: We're an expert in more complex matters.
• 6:40
  Speaker 2: My background, my experience, lends itself really well to dealing with things that are a little bit more complicated, a little bit more spurious bigger transactions, developments, all of that kind of stuff.
• 6:51
  Speaker 2: Overseas clients is not a problem for us.
• 6:54
  Speaker 2: We're backed by over 150 five-star reviews on Google, majority of which are left by property investors and developers, and if you really want to know kind of how we operate and what we do and how that actually works and what results people get, that's a really good place to start is to have a look through those reviews, because I'm blessed to say that we've got some fantastic reviews from the people that we work with, because we work with some great people.
• 7:21
  Speaker 2: We're a member of the Society of Mortgage Professionals, fiba, the Chartered Insurance Institute, the Equatorial Council and on and on and on Lots of professional bodies.
• 7:33
  Speaker 2: Me personally, I get my comments published in the press.
• 7:37
  Speaker 2: I'm in the Financial Times and the Times fairly regularly.
• 7:39
  Speaker 2: I've also been in the Daily Mail, the Guardian, the Express, lots of other ones, manchester Evening News and what really sits at the heart of the way that we operate and the way that my team operate, is that we go the extra mile for our clients.
• 7:53
  Speaker 2: So our mission, then that is really the backbone to everything that we do is to build long-term relationships with active property investors and developers to help them achieve their property goals and financial freedoms.
• 8:07
  Speaker 2: So we're invested in your success.
• 8:10
  Speaker 2: We always start with the end in mind.
• 8:12
  Speaker 2: We want to know what it is that you want to achieve, we want to get to know you and then we help you to get to that point by using strategy and finance specifically.
• 8:22
  Speaker 2: So what are the types of tools that we have available?
• 8:26
  Speaker 2: Well, here's just a list of some of the things that we cover.
• 8:28
  Speaker 2: There are other things, but it just gives you an idea of what that is Residential and commercial mortgages, hmos, service accommodation, buy-to-lets, complex and large loans, bridging and development finance, auction purchases, second charges.
• 8:43
  Speaker 2: We work with international clients, be that expat or foreign nationals, and we also cater for business and personal insurance.
• 8:54
  Speaker 2: So let's have a little bit of an interest rate update then.
• 8:56
  Speaker 2: Everybody loves to sort of speculate and talk about what's happening with interest rates in the market and where they're going to go and what might happen in the future.
• 9:05
  Speaker 2: The caveat that I would put here is that all the successful property people that I know, all the successful investors and developers they find opportunity no matter where the market's at.
• 9:16
  Speaker 2: There are things you can change, there are things you can't, and unfortunately, interest rates is one of those things you cannot change, and often waiting for interest rates to maybe do something in the future is a bit of a false prophecy really, because during that time that the interest rates might come down, the rest of the market is still moving, things are still happening, prices are still going up, Building costs are still going up.
• 9:41
  Speaker 2: All those other factors are still in play.
• 9:43
  Speaker 2: So often it's about, in my opinion, finding the right deal to suit the market rather than trying to get the market to suit the deal.
• 9:52
  Speaker 2: But let's talk a little bit about what's available on the market now.
• 9:56
  Speaker 2: So if you're in any of these areas where you're looking for something, you can get a feel for what might be out there.
• 10:02
  Speaker 2: This is not based on the cheapest possible interest rate that's available on the market for any given scenario, because most of those products are geared in such a way where the interest rate's very low but the fees are very high.
• 10:14
  Speaker 2: Ultimately, the banks and the lenders they're going to get their money one way or another.
• 10:19
  Speaker 2: And those products that have the really really low interest rates, nobody really takes them because the cost is still there.
• 10:28
  Speaker 2: So I haven't really put those on this chart.
• 10:32
  Speaker 2: I'm not here to hook people in with wow, look at the lowest interest rate that we could possibly achieve.
• 10:38
  Speaker 2: It's not about that.
• 10:44
  Speaker 2: These are realistic options that you might actually use in reality.
• 10:46
  Speaker 2: This has been in real terms where you would probably end up if you were going to do some of this stuff.
• 10:49
  Speaker 2: So what I'll say is the stuff that's in green means that the interest rates come down since where we were last year, not last year.
• 10:57
  Speaker 2: Last month, sorry.
• 10:58
  Speaker 2: Last year was very, very different.
• 11:00
  Speaker 2: If the fee's in green, then it means the fee's come down from where we were last month.
• 11:05
  Speaker 2: If it's in red, then it's gone up, and if it's in this kind of orangey color then it's pretty much static.
• 11:11
  Speaker 2: So overall story, if we compare to this month, is that nobody really knows what's going on.
• 11:21
  Speaker 2: That's the reality in terms of interest rates and where the market is.
• 11:24
  Speaker 2: The long-term prediction is that interest rates are going to come down, but yet last month we saw inflation had gone up.
• 11:30
  Speaker 2: Swaps are starting to stabilize a bit, but they spiked a little bit when inflation went up last month.
• 11:38
  Speaker 2: The market's kind of in a bit of a limbo state at the moment.
• 11:42
  Speaker 2: The Bank of England have held off making those drastic interest rate cuts.
• 11:47
  Speaker 2: I don't think they did anything on the last review that they had.
• 11:50
  Speaker 2: So everybody's kind of in a limbo state waiting to see what happens.
• 11:54
  Speaker 2: The difference is that, you see, the movements that you see in the interest rates are more about lenders in competition with each other.
• 12:01
  Speaker 2: So what they're doing is you know, one lender might be right at the top of the table getting all the business at the moment and they might think well, do you know what?
• 12:12
  Speaker 2: We don't want any more business at this time.
• 12:14
  Speaker 2: We're up to capacity for our service levels.
• 12:16
  Speaker 2: Let's reduce the amount of business we're getting in.
• 12:19
  Speaker 2: And they do that by working the interest rate.
• 12:21
  Speaker 2: They might increase their rates slightly and another lender might decrease their rates slightly.
• 12:25
  Speaker 2: We're talking really miniscule amounts 0.05% and such like, amounts that are not going to affect anybody's deal.
• 12:33
  Speaker 2: They're not going to affect whether you make a decision to move forward or not.
• 12:37
  Speaker 2: But let's have a look what's going on.
• 12:42
  Speaker 2: So I've split this into all different types of finance that's available, all the major types of finance, so we can get a flavour for that.
• 12:47
  Speaker 2: So if you're looking for a residential purchase or a residential mortgage, you're going to be around 4%, with a 75% loan to value and the fees 999, which is standard for that market, pretty standard for buy to let's.
• 13:04
  Speaker 2: If you're doing it in your personal name and it's a purchase, it's 4.19.
• 13:08
  Speaker 2: It's up very, very slightly by 0.1% since where we were last month, but the notable factor here is that the fee attached to that specific product is actually halved.
• 13:18
  Speaker 2: So last month it.
• 13:18
  Speaker 2: But the notable factor here is that the fee attached to that specific product is actually halved.
• 13:20
  Speaker 2: So last month it was 3,999.
• 13:23
  Speaker 2: And this month it's 1,999.
• 13:26
  Speaker 2: So we're actually saving 2,000 pounds just on the fee.
• 13:29
  Speaker 2: Remortgaging a personal name 3.94 with a 399 fee.
• 13:36
  Speaker 2: Still, most investors and developers are not doing things in their personal name.
• 13:42
  Speaker 2: Most modern investors and developers are using limited company structures.
• 13:45
  Speaker 2: That's because of the way that the tax works around whether you hold a property in your personal name or a business, and also around the additional flexibility that a limited company might provide.
• 13:57
  Speaker 2: Anybody wants to discuss that in more detail we can do but it should always be supported by solid advice from a qualified tax accountant as well.
• 14:05
  Speaker 2: Buy to let purchase in a limited company and a remortgage in a limited company.
• 14:10
  Speaker 2: We're looking about 5%, right, 4.99, 5.09 with really decent sort of fees.
• 14:18
  Speaker 2: No fee on the remortgage that's fantastic.
• 14:22
  Speaker 2: It was 1% before and 1% still on the limited company purchase.
• 14:29
  Speaker 2: If you're in the HMO market, the lowest reasonable rate that you're going to get for a HMO and what I mean here is a HMO that's geared up for a commercial style valuation is around 5.5%.
• 14:43
  Speaker 2: That's what you're going to get.
• 14:45
  Speaker 2: There's lots of other factors that we consider when selecting lenders for HMOs, but if we're just looking at the interest rate about 5.5% with around 4,500 as a fee Semi-commercial is very, very competitive at 5.94.
• 15:01
  Speaker 2: For that sector that is an amazing interest rate.
• 15:04
  Speaker 2: But let's have a look at the fee.
• 15:06
  Speaker 2: The fee is 5.25.
• 15:08
  Speaker 2: So it's got a higher end fee there.
• 15:10
  Speaker 2: I would say on average, for most limited companies and investment mortgages the fee that's average is between 2% and 5%.
• 15:19
  Speaker 2: A 2% fee is not bad, it's a good fee.
• 15:22
  Speaker 2: A 3% fee is average and anything above that's on the higher end, but not unrealistic.
• 15:26
  Speaker 2: Anything above 5%.
• 15:28
  Speaker 2: And I did mention those lenders that sometimes put their interest rates really low but then increase the fees.
• 15:35
  Speaker 2: Those sort of fees would be at 10%, would be at 7%.
• 15:38
  Speaker 2: We don't really want to entertain that level of fees because it's just going to wipe out whatever benefit that you have from achieving a slightly lower interest rate.
• 15:47
  Speaker 2: But the semi-commercial rate there 5.94, that's a really, really good rate in that market.
• 15:52
  Speaker 2: The average for commercial lending is between 7% and 8% and that's reflected on the next line.
• 15:58
  Speaker 2: That's with a 3% face, 7.14, that's very competitive as well.
• 16:02
  Speaker 2: For the commercial market Standard bridging you expect to pay 0.75 per month.
• 16:08
  Speaker 2: Usually bridges have what they call retained interest, so you don't actually pay anything each month.
• 16:15
  Speaker 2: So you don't actually pay anything each month.
• 16:17
  Speaker 2: The amount, the cost of the interest over the term of the loan, which you decide at the beginning, is usually deducted from the loan up front, so you don't really have an interest cost each month.
• 16:26
  Speaker 2: You can if you choose to.
• 16:27
  Speaker 2: There's some circumstances you might do that, there's some you might not, but the norm is to have that interest deducted.
• 16:33
  Speaker 2: A development bridge so if you might be building a HMO, you might be doing a big refurb, all that kind of stuff.
• 16:44
  Speaker 2: You might be doing some small-scale development.
• 16:45
  Speaker 2: That's around 1% per month.
• 16:46
  Speaker 2: So if you're looking to stack up your deals and you're trying to work out, does this deal work?
• 16:49
  Speaker 2: When I include the cost of finance, the way to do that would assume, let's say, it's a 12-month term.
• 16:55
  Speaker 2: Would assume, let's say, it's a 12-month term 1% per month, that's 12%.
• 17:02
  Speaker 2: And there's a 2% fee from the lender, so that's 14%.
• 17:04
  Speaker 2: So a really quick rule of thumb to get to a no as quickly as you can is does it work with a 14% cost on the finance?
• 17:10
  Speaker 2: If it does, go to the next stage of your due diligence and stacking that deal.
• 17:14
  Speaker 2: If it doesn't and you can't do it through other funds or private funds then it might be time to move on from there.
• 17:24
  Speaker 2: Second charge around 8%.
• 17:26
  Speaker 2: These things tend to stay static.
• 17:28
  Speaker 2: They haven't moved a great deal.
• 17:29
  Speaker 2: So if you're in that market then you should expect to pay about 8%, still works out, I would say, cheaper than some personal loans, more expensive than some other ones.
• 17:43
  Speaker 2: Really depends on your situation and what you can achieve.
• 17:46
  Speaker 2: So hopefully that gives you a bit of insight in what's going on in the market.
• 17:50
  Speaker 2: I think over the next four weeks we will definitely find a direction.
• 17:58
  Speaker 2: I think the inflation data is actually out today.
• 18:02
  Speaker 2: I think it's up by three point something percent.
• 18:05
  Speaker 2: I haven't quite seen what's happening in the rest of the market, but I definitely think we'll find a direction that we're headed in over the next couple of weeks.
• 18:14
  Speaker 2: So closing comment then.
• 18:17
  Speaker 2: So what I like to do is talk about a topic every week that hopefully adds a little bit of extra value.
• 18:24
  Speaker 2: So we're not just talking about the normal mortgage broker kind of subjects of interest rates and fees, which can be a bit dry and, let's be honest, it's a bit boring right.
• 18:34
  Speaker 2: What we want to know is what can we do with finance that actually will make a difference to what I'm doing on a day-to-day basis, to the types of deals I can do, to how I can fund deals and all that kind of stuff I'm doing on a day-to-day basis, to the types of deals I can do, to how I can fund deals and all that kind of stuff.
• 18:47
  Speaker 2: So I wanted to talk briefly about auction purchase finance.
• 18:49
  Speaker 2: Auctions are a great way to get access to properties, often buy them under market value quick sales deals that are pretty certain to go ahead.
• 19:00
  Speaker 2: They can be fantastic.
• 19:02
  Speaker 2: But the downside is that when you buy an auction, it means you're committing to the purchase when you make a bid, and are you ready to do that?
• 19:08
  Speaker 2: Are you just going to bid on something at auction and then hope and pray that you can arrange the finance after, or are you going to get ready in advance?
• 19:17
  Speaker 2: And that's what we do with a lot of our clients that we work with is we get them ready for things before they actually find the property, and that's really good planning.
• 19:26
  Speaker 2: So if you win the property, if you put a bid on a property at auction and you win it, you're going to be required to put a deposit down, and that deposit's usually 5% to 10% of the property value.
• 19:37
  Speaker 2: You probably also have to pay the auction fee.
• 19:41
  Speaker 2: So the commitment that you're going to put down financially is pretty significant.
• 19:44
  Speaker 2: You want to really make sure you've got your ducks in a row there so that you can actually complete on that finance and not kind of be worried and stressed out about anything going wrong or not being able to achieve as much as you want.
• 19:59
  Speaker 2: The timescale you've normally got is between 28 and 56 days to legally complete the purchase.
• 20:04
  Speaker 2: So it's not a lot of time for arranging things like the finance, the valuation, the legal work just searches on a property for legal searches can take 28 days.
• 20:15
  Speaker 2: Quite often the auction house will provide those in the pack already.
• 20:19
  Speaker 2: But if you were doing any of that stuff yourself for your own due diligence, additional searches that that can take 28 days and that might be all the time that you've got.
• 20:27
  Speaker 2: To complete A valuation can take a couple of weeks.
• 20:31
  Speaker 2: By the time it's booked in and the surveyor's been out and he's written his report and maybe he's got a couple of questions, that time can easily be taken up.
• 20:41
  Speaker 2: For that reason mortgages are not suitable to buy a property at auction.
• 20:46
  Speaker 2: It's either cash or bridge and the reason for that is that a mortgage works in a very linear fashion.
• 20:54
  Speaker 2: You apply for a mortgage, they then do a valuation.
• 20:59
  Speaker 2: After the valuation's complete, they issue their offer.
• 21:01
  Speaker 2: After the offer's issued, they start the legal work.
• 21:03
  Speaker 2: After the legal work's complete, you complete the purchase and that whole process takes, on average, about 12 to 14 weeks.
• 21:11
  Speaker 2: In the UK that's the reality of how long it takes.
• 21:14
  Speaker 2: You simply haven't got that timescale, so mortgages are not geared up for this.
• 21:18
  Speaker 2: We need a product that can work a lot quicker, and those two products are either cash in the bank or using bridging finance.
• 21:25
  Speaker 2: So, assuming that you've not got the cash in the bank to do this or you don't want to tie up all that cash into this, bridging finance is the best solution.
• 21:34
  Speaker 2: And the way that bridging finance works is, rather than doing the valuation and the application and the legal work in a very linear fashion, we effectively do all of those things all at once.
• 21:45
  Speaker 2: So we're doing everything all at once at the beginning.
• 21:48
  Speaker 2: For that reason, you need to be pretty sure that the property stacks up.
• 21:52
  Speaker 2: You need to be quite confident in the deal and how much money you can get and have done some good due diligence on that property.
• 21:58
  Speaker 2: So what does bridging finance cost?
• 22:01
  Speaker 2: What does it look like?
• 22:01
  Speaker 2: Well, it has about a 2% setup fee, which we just covered on the interest rate update.
• 22:07
  Speaker 2: So the gross loan will be 2% as a fee for the lender and the average cost of bridging finance is about 0.75 per month or 9% per year.
• 22:20
  Speaker 2: The minimum loan size that we can do is 26,000.
• 22:26
  Speaker 2: Now this particular bridging product that I'm talking about here is a bridging product that is designed just for auction purchases.
• 22:32
  Speaker 2: This is specifically for auctions and because of that, quite often we don't even need a valuation.
• 22:39
  Speaker 2: We can do an automated or a desktop valuation.
• 22:42
  Speaker 2: So there's no waiting for surveyors, there's no booking people in arranging, with agents wasting two weeks doing all that.
• 22:49
  Speaker 2: It can be done in a matter of two minutes by the lender.
• 22:52
  Speaker 2: Search indemnity can be used.
• 22:55
  Speaker 2: So what that means is that if you do need to have searches or the searches that the lender wants are not there, they can just put an insurance policy in place.
• 23:04
  Speaker 2: It'll cost £100, £200 to do it.
• 23:07
  Speaker 2: Again, we don't have that 28 delay there.
• 23:11
  Speaker 2: The legal work can be non-representation or dual representation, and what that means is non-representation means you're not represented by a solicitor, but providing you've already done all your due diligence.
• 23:23
  Speaker 2: That vastly speeds up the process, because most of the time taken in completing mortgages and finance is actually with the legal work.
• 23:32
  Speaker 2: Loans and applications are usually approved pretty quickly.
• 23:38
  Speaker 2: It's the legal work and the third parties that take the time.
• 23:41
  Speaker 2: So if we can remove that from the equation, we've just saved a vast amount of time, and what that means is that the mortgage offer can be issued in less than five days and the purchase can complete super fast.
• 23:52
  Speaker 2: We've had purchases completed in less than two weeks and actually these lenders have told me that it's possible they can even do that whole completion process within five days if they need to.
• 24:03
  Speaker 2: If the circumstances dictate that, if you don't have enough cash available to make the deposit, then we can use another property, another security, to boost things up.
• 24:17
  Speaker 2: Put the bridge over both properties and you might not even need to put any deposit in.
• 24:21
  Speaker 2: If you've got the equity there in another property, whether it's got a mortgage on it or not, and the mortgage is not at the maximum, then it is possible that we can look at that as a solution for you as well.
• 24:34
  Speaker 2: So what I wanted to do there was just talk about something a little bit different, but how you might solve that problem.
• 24:38
  Speaker 2: So this is solving the problem of auction purchase finance.
• 24:41
  Speaker 2: What do you need to do?
• 24:42
  Speaker 2: Get ready in advance.
• 24:43
  Speaker 2: Speak to somebody.
• 24:44
  Speaker 2: The problem of auction purchase finance.
• 24:45
  Speaker 2: What do you need to do Get ready in advance.
• 24:46
  Speaker 2: Speak to somebody, understand your options, know what's possible, know what your costs are, know what the process is, know what the timeframe is.
• 24:50
  Speaker 2: Don't waste time asking all those questions after the event.
• 24:53
  Speaker 2: Do it upfront, before you find the property.
• 24:55
  Speaker 2: And then, if you do, there are super auction purchase finance tools like this that are available that can enable you to complete on something really quickly, which then gives you the confidence to know that these sorts of things can be in your back pocket if you need them, and that's what we want to do.
• 25:10
  Speaker 2: Improve the tools that you've got at your disposal.
• 25:14
  Speaker 2: I wanted to share this quote with you, which I found quite funny.
• 25:18
  Speaker 2: I saw this at one of the other networking events.
• 25:21
  Speaker 2: Don't look at the logo, it's not allowed.
• 25:23
  Speaker 2: But I saw this at one of the other networking events.
• 25:26
  Speaker 2: It says do crackheads say I can't get high today because I'm broke?
• 25:29
  Speaker 2: No, they make it happen.
• 25:31
  Speaker 2: Don't let a crackhead try harder than you.
• 25:33
  Speaker 2: I thought that was pretty funny, so I wanted to end on that before I shared with you my contact details on this last screen.
• 25:41
  Speaker 2: If anybody wants to get in touch, then please do so.
• 25:44
  Speaker 2: Link up with me on LinkedIn or Facebook or Instagram.
• 25:48
  Speaker 2: Those are the ones that I use the most.
• 25:50
  Speaker 2: We're really active on there.
• 25:52
  Speaker 2: We drop posts every single day on lots of different things.
• 25:55
  Speaker 2: Try to add some value, so follow us on there and hopefully we can provide you with some extra value.
• 26:01
  Speaker 2: If anybody wants to book a call with us, there's a link there which will take you straight into my diary.
• 26:06
  Speaker 2: You'll see what the availability is.
• 26:08
  Speaker 2: It usually fills up for about a week in advance.
• 26:10
  Speaker 2: That's the way it works, but we can have a call.
• 26:12
  Speaker 2: There's no cost for a call.
• 26:14
  Speaker 2: We'll just review your situation, see what's possible and see if we can help you on your way along your property journey.
• 26:20
  Speaker 2: And that's it for me.
• 26:21
  Speaker 2: Back to you, mark your property journey.
• 26:22
  Speaker 2: And that's it for me Back to you, mark.
• 26:23
  Speaker 2: That's great.
• 26:25
  Speaker 1: Thank you, Rob.
• 26:26
  Speaker 1: I have to say very detailed talk there, Great presentation I wouldn't expect anything else and really good to see the update of all the fees and everything that's going on there and give everybody a sort of a broad level to have a little look, see what's happening in the market and, of course, be able to take it from there.
• 26:44
  Speaker 1: A couple of things.
• 26:46
  Speaker 1: Realistically, from my perspective is the auction properties is a great concept there.
• 26:52
  Speaker 1: A lot of people are very scared of auction properties, but it really is talking to the experts, talking to people like yourself, to be able to find out what you can do, what's your circumstances, what your situation is.
• 27:05
  Speaker 1: Because I do think and I see it myself there's a lot of people out there that discount things before they've even spoken to the experts and a lot of the times it's just getting in with like a company like yourself, having a discussion, seeing where you want to take your property, investing and getting stuck in.
• 27:22
  Speaker 1: So if there's people that are just starting out in property, what would you say is the best port of call?
• 27:28
  Speaker 1: Because some people are like, well, I've got bad credit, I need to sort that out, and they're almost dismissing coming and speaking to a company like yourself before they've even started, so just to sort of put people at ease and things.
• 27:40
  Speaker 1: What's that sort of process like for you and your business?
• 27:44
  Speaker 2: Yeah.
• 27:44
  Speaker 2: So I think, psychologically, as I think we both know, it's really easy to find reasons not to do things that you don't feel comfortable with.
• 27:51
  Speaker 2: So if something feels a bit uncomfortable, you'll always find the reasons not to do it rather than the reasons to do it.
• 27:56
  Speaker 2: But part of moving forward is stepping into that, that zone of discomfort, um, a little bit.
• 28:03
  Speaker 2: And that could just be as simple as having a conversation with somebody, even though you think that you've already decided internally that you can't do it, and just find out for sure what your options are.
• 28:14
  Speaker 2: For us, what that looks like is what sits at the core of what we do is building long-term relationships with property investors and developers, whatever stage of the journey they're at.
• 28:24
  Speaker 2: So, yes, we've got clients who are doing 50 projects a year sort of thing.
• 28:31
  Speaker 2: Well, not a year, but over two years.
• 28:36
  Speaker 2: We've got clients who are doing one, actually, who's done five or six in just in one month.
• 28:38
  Speaker 2: But there are many, many people who are at the other end of the spectrum of their journey, who are just starting out, who need the advice, need the help, need the guidance and the strategy, and I'm more than happy to provide that.
• 28:51
  Speaker 2: So the link there to the diary, will give you an hour's call with me to go through your situation, and what that call looks like is it really starts off with me saying what is it that you want to do?
• 29:03
  Speaker 2: What are you looking to achieve?
• 29:05
  Speaker 2: And that's about you personally, really.
• 29:09
  Speaker 2: So quite often, people will have goals linked to replacing their income or retirement or succession planning for kids or family, all that sort of thing, and that's the starting point is to understand what that is and then the sort of things that you're looking at, that you're interested in in property, and how you think that they might solve those problems.
• 29:28
  Speaker 2: And then what we do is we just start to piece it together from there.
• 29:31
  Speaker 2: We start with the end in mind, reverse, engineer it back to looking at where you are today.
• 29:37
  Speaker 2: So what have you got at your disposal today?
• 29:40
  Speaker 2: It might be that you have cash.
• 29:42
  Speaker 2: It might be that you have equity or assets.
• 29:44
  Speaker 2: It might be that you have none of those, but you have time or skills or resources.
• 29:49
  Speaker 2: There's always something that you can do and, although we can be very creative with finance and solutions, we can't produce magic.
• 30:01
  Speaker 2: We can't magic things out of the air.
• 30:03
  Speaker 2: There has to be some equity or there has to be some cash from somewhere, but that doesn't preclude you from having a conversation with us.
• 30:10
  Speaker 2: That hour is still free.
• 30:12
  Speaker 2: It's still there for you.
• 30:13
  Speaker 2: You will 100% take away something that is of value from that call and hopefully it will help you, point you in the right direction as to what your next steps might be, the things that you might need to consider to get you really moving forward.
• 30:27
  Speaker 1: No, that's good advice and, of course, the next steps can be that maybe the next six months, you need to start making sure that you're doing, you know your businesses or you're, you're arranging your finance in this method so that we've then got that track record to make it easier for you to have more lenders to use and things.
• 30:44
  Speaker 1: Isn't it then got that?
• 30:44
  Speaker 2: track record to make it easier for you to have more lenders to use and things isn't it.
• 30:47
  Speaker 2: Yeah, it can be sometimes, but the reality is that for us and I mean I can't speak for everybody else, but actually track record for us is not a big hurdle.
• 30:53
  Speaker 2: Yeah, if you've got no experience and look, let me put it another way If I've got a client who lives in Nigeria, who doesn't own any property in the UK, in one of the highest risk countries for money laundering and fraud, and has never been in the UK and doesn't own any property here, and we can arrange finance for them, we can definitely arrange it for you.
• 31:20
  Speaker 1: There you go, love it, absolutely love it.
• 31:22
  Speaker 1: So Rob and his team are here at our disposal.
• 31:26
  Speaker 1: So do reach out to them, have a little chat with them, look at your circumstances, look at your property investing, have a bit of an idea about what it is that you want to be doing.
• 31:34
  Speaker 1: But obviously, take Rob up on these calls as well and connect with Sippy Fast Mortgages as a company.
• 31:42
  Speaker 1: So any final top tips, rob, before we wrap this one up.
• 31:47
  Speaker 2: So I'm going to be answering some questions in the community as well.
• 31:49
  Speaker 2: So I think there's a special place that you set up just for questions for each of the individual areas.
• 31:55
  Speaker 2: So if anybody's got any questions, you think, well, do you know what?
• 31:57
  Speaker 2: I don't want to jump on a call, but I've got some questions about stuff.
• 31:59
  Speaker 2: Then drop them in there and I'm going to be checking in and answering those questions too.
• 32:03
  Speaker 2: Yeah, amazing.
• 32:07
  Speaker 1: And, of course, in the community as well.
• 32:08
  Speaker 1: If you put at and then you type in Rob, his profile will come up, so he'll get a bit of a notification as well.
• 32:17
  Speaker 1: So it makes life a lot easier.
• 32:17
  Speaker 1: But, yes, there is the tab there for our mortgage expert and, of course, for all of our experts in there.
• 32:20
  Speaker 1: So it's well.
• 32:22
  Speaker 1: This is the first of many.
• 32:23
  Speaker 1: It's absolutely great to have you as part of the power team and everything.
• 32:26
  Speaker 1: Rob, I've known you quite a while now and I know that you do an excellent job and I know that you genuinely want to help people, which you've said in your own presentation.
• 32:34
  Speaker 1: And that's what it's all about here.
• 32:36
  Speaker 1: It's helping people get out there, have the right support to be able to go and do the right deals and build their own property portfolios.
• 32:42
  Speaker 1: So thank you for joining us and I look forward to you joining us in our next session next month.
• 32:47
  Speaker 1: Rob will be back with us on the 20th of August at 12 o'clock again, so make sure you put that date in your diary.
• 32:55
  Speaker 1: It's in the events calendar and, of course, we will put Rob's details in the description below if you're watching this on the replay, because not everybody make it live.
• 33:05
  Speaker 1: So great to have you on mate, um great to have you as part of a team, and I'm really looking forward to the future pleasure to be here and look forward to seeing you next time.
• 33:16
  Speaker 1: Brilliant stuff, thanks a lot, buddy, cheers, cheers, bye-bye.
• 33:18
  Speaker 1: So again, it's really nice to introduce you to another member of our power team in the ETA community.
• 33:25
  Speaker 1: I will continue over the next few months to introduce you to the different people that we have in there answering questions, supporting property investors on their journey.
• 33:35
  Speaker 1: So, whether you're just starting out and you're looking for the knowledge, we have a whole vault of different trainings, including rent to rent purchase, lease options, deal sourcing trainings, including rent to rent purchase, lease options, deal sourcing, serviced accommodation, hmos, vendor finance, title splitting, how to flip properties I could go on all day long, and we have experts in there from near enough every field that you could think of when it comes to property investing, and we're having live sessions each and every week.
• 34:02
  Speaker 1: As I say, I absolutely love it in there.
• 34:04
  Speaker 1: It continues to grow my knowledge as well, because I don't know everything.
• 34:08
  Speaker 1: There are certain areas that I'm always tapping into, but the thing is, you don't need to know everything, you just need to know the right people, and the people now that have joined ETA and are part of the community are learning so much.
• 34:19
  Speaker 1: They are speeding up their learning, for what I have to say is an absolute no-brainer price each and every month Most people tell me that they have spent thousands and thousands of pounds on their education and on support and they haven't had as much as we've got in there for a little snippet of the price.
• 34:40
  Speaker 1: So go and have a look at educationtoactioncom and reach out to me, let me know what you think.
• 34:42
  Speaker 1: And if you want to come and join the community, then come and have a look at educationtoactioncom and reach out to me, let me know what you think.
• 34:45
  Speaker 1: And if you want to come and join the community, then come and have a go.
• 34:48
  Speaker 1: If it's not right for you, you can just cancel that subscription.
• 34:52
  Speaker 1: I say we've tried to keep it as modest and as low cost as possible because we genuinely just want to help people take the knowledge that they have.
• 35:02
  Speaker 1: If they've already got knowledge, if you're new to it, then come and get the knowledge.
• 35:05
  Speaker 1: But if you have got that knowledge but you're still finding it difficult, surround yourself with like-minded people and let us help you to get the results that you desire.
• 35:13
  Speaker 1: I hope you've enjoyed this episode.
• 35:15
  Speaker 1: I always enjoy bringing new episodes, so look out for the next one and I'll see you there.
• 35:20
  Speaker 1: Take care Bye for now.