Bridging solving probate issues
The short-term lender said it has seen a rise in the number of homeowners inheriting property through probate who are using bridging to settle inheritance tax bills or release funds earlier from a pending sale, often to make improvements prior to sale.
The firm 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.
“It’s really important that the adviser understands and recognises how and where bridging can be used and where it can add real value.”