Our customer had inherited a 50% share of an unencumbered property jointly with her brother.
Probate had been granted, but the inherited property had not yet been transferred into either beneficiary’s name.
Due to financial pressures, our customer’s brother wished to sell the property quickly to a developer; however the price would have been £170,000 less than the asking price.
An offer for the property had also been received for £120,000 more than what the developer was offering, but the buyer was in a chain and completion was possibly months away.
Our customer wished to preserve as much equity in the inherited property as possible but also assist her brother.
The solution was a United Trust Bank bridging loan secured against the inherited property which transferred into our customer’s name on draw down.
Amount of Bridging loan: £537,100