Three beneficiaries were set to share an estate of £1.3m which included property, some cash and a small trust.
Expecting the cash from the estate would be made available quickly, one beneficiary took out a bridging loan to purchase some land. Unfortunately, the six-month term of the bridging loan expired before the estate was settled.
The beneficiary had under-estimated the time it can take to administer an estate and over-extended themselves financially.
Using the Inheritance Advance product Tower Street Finance was able to offer the beneficiary £200k to cover their bridging loan debt. We were also able to offer peace of mind for the beneficiary who no longer had to worry about paying the advance back until after the estate was settled.
To find out more about Inheritance Advance click here.