Auction.com, LLC, has launched Auction Finance, a new division created to facilitate financing for commercial and residential real estate investors.
The new line of business will be led by executive vice president Gordon Smith, formerly a managing director with Fortress Investment Group, a global investment management firm. Smith will be based in Auction.com’s Silicon Valley office.
Financing options will be provided by Auction.com’s preferred lenders and will count toward 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 Finance will allow a much larger audience of potential buyers to participate in the company’s residential and commercial real estate auctions.
