A mother and son client has secured a £ 1.1 million bridging loan to settle an outstanding Inheritance Tax bill through Bridging Finance Solutions.
The client and her son resided on the property, which had been originally owned by their grandfather. Following his passing, our client inherited the property and, with it, a very large
The inheritance tax bill needed to be settled before probate was granted.
For our clients to remain in their homes, a loan of £1.1 million was obtained, the inheritance tax debt was settled, and the client could now proceed with a traditional mortgage application to repay our loan.
The case was incredibly complex and therefore drawn out due to the sheer level of detail surrounding the trust, as the properties used as security were also held in a trust.
BFS head of underwriting Rachel Davies invested considerable time and effort and explained: “This case was pretty unique, and there were plenty of challenges for us along the way. Angela and the team worked very closely with our client’s solicitors, brokers and solicitors to overcome these obstacles and ultimately find a way through.
“This bridging loan agreement, however complex, highlights the different ways bridging funding can be utilised and secured. Bridging is typically associated with the property, yet this isn’t necessarily the case and can help clients manage debt relating to tax.”