Property being purchased at auction is often funded through the use of bridging loans. Having had a bid accepted at auction a deposit needs to be paid immediately and the rest of the funds to complete the purchase at the agreed bid price usually needs to be paid within 28 days. Bridging loans are popular for auction purchases because they can be arranged quickly. Having purchased the property the customer may choose to raise a long-term finance facility secured on the property such as a residential mortgage if they intend to live there, or a buy to let mortgage if they intend to rent it out. Alternatively they may sell the property to return a quick profit. The bridging loan used to help fund the purchase of the property would therefore be repaid from the proceeds from sale of the property or from the proceeds raised by refinancing property with a long-term finance facility.