The versatility of bridging is gaining recognition with many turning to short term borrowing to overcome issues or obstacles surrounding matters of probate.
Increasingly, homeowners (through probate) are using bridging to settle inheritance tax bills or release funds earlier from a pending sale, often to make improvements prior to sale, and enabling a maximizing of sale price under controlled sale conditions. Bridging Finance Solutions has reported an increase in probate sellers looking to bridging to unlock funds tied up in the property. The firm has reported a 22% increase in deals done relating to probate compared to the same period in 2014.
Steve Barber, Managing Director of Bridging Finance Solutions said: “Many individuals, and indeed those operating within the professional services sector typically associate bridging with property development and auctions, however, areas such as probate and tax can really benefit from bridging as a short term solution.”
Steve re-emphasised the importance of providing the right advice via the advisor to clients: “It’s real important that the advisor understands and recognises how and where bridging can be used and where it can add real value. Instances of probate are perfect examples where a property has been inherited and short term funding is need in order for things to progress. Beneficiaries will often want to obtain funds quickly but without the requirement for a ‘Fire Sale’ of the property in order to maximize its value.
Bridging Finance Solutions are working in partnership with professional advisors to support clients looking for probate.