Probate adds complexity to a downsize
At United Trust Bank, we’re happy to assist with bridging loans spanning the full spectrum from the straightforward to the complex. In this particular case we were approached to assist a family where the widowed mother was purchasing an apartment in a new luxury development.
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 is to be repaid from trust assets following the completion of the probate and realisation of trust assets.
Head of Bridging, Alan Margolis, commented “A thorough understanding of the background to a case is as important as knowledge of the security property and the exit. Our borrowers had a relatively complex set of family financial affairs which we worked through to ensure that the loan was properly constituted in all respects”.
Loan Amount: £711,600