BFS was approached by a firm of solicitors to assist a family where the widowed mother was purchasing an apartment in a new luxury development in Newcastle, and the completion date agreed was within 18 days.
The late husband’s estate was in probate, but there were two family trusts through whose trustees the property was to be purchased along with the mother.
The loan was to be repaid from trust assets following the completion of the probate and realisation of trust assets. The BFS funding was also able to cover tax liabilities on grant of probate, the solicitor’s fees, and also 12 months interest such that the trust assets could be sold in a controlled manner maximizing their value.
With several Trust beneficiaries, a thorough understanding of the background to a case is as important as knowledge of the security property and the exit. The borrowers had a relatively complex set of family financial affairs, which as a specialist smaller lender, BFS was able to provide the personal service to work through to ensure that the loan was properly constituted in all respects and completed within the tight time period.