Increase in bridging finance to provide short-term solutions for probate property
Bridging Finance Solutions has seen a 22% increase in the number of deals relating to probate cases in 2015 compared to the same period last year.
Increasingly it seems that bridging finance is being used by beneficiaries to resolve issues relating to probate property, such as to make improvements prior to sale or release funds earlier in anticipation of completion.
Traditionally used to fund auction properties, developments, or to provide a short-term solution following exchange on a property whilst awaiting standard financing, the versatility of using bridging finance is becoming more widely recognised.
Speaking to Mortgage Introducer, 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.
“It’s really important that the adviser understands and recognises how and where bridging can be used and where it can add real value.”
Do you ever recommend that your clients look at obtaining bridging finance? In what circumstances do you think that bridging could assist in probate cases?