BFS reports increase in probate sellers

BFS reports increase in probate sellers




Specialist lender Bridging Finance Solutions has reported an increase in probate sellers turning to bridging in order to unlock funds tied up in property….

Specialist lender Bridging Finance Solutions has reported an increase in probate sellers turning to bridging in order to unlock funds tied up in property…

With the versatility of bridging gaining recognition, many have now turned to short term borrowing in order to overcome probate issues. 

BFS has revealed that more borrowers are now acquiring property through probate using bridging in order to settle inheritance tax bills or release funds early from a pending sale, amongst other reasons.

The lender has reported a 22% increase in deals relating to probate compared to the same period last year.

“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,” commented Steve Barber, Managing Director of BFS.

Steve re-emphasised the importance of providing the right advice via the adviser to clients: “It’s [really] important that the adviser 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 maximise its value.”

BFS is working in partnership with professional advisers in order to support clients looking for probate.

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