Our clients faced a typical scenario. One planned on staying in the property, and the other intended to move out. Our client was able to resolve his predicament quickly thanks to our broker.
Often, people are unaware of the many uses of bridging – it can prove an effective way to quickly resolve financial difficulties during stressful periods, such as divorce.
A common function of bridging is to facilitate a scenario such as this, and in the case of our client, allows the raising of capital quickly for the option to buy out the other partner from their share of the family home. Additionally, this can be a particularly useful solution during an uncertain property market.
The client in question contacted us looking for assistance during the final financial concern of his divorce, the scenario was as follows:
In this case, the property had be valued at £300k. Yet, difficulties can arise in the uncertainty of the property market. Valuations for properties can become complicated and they may not always reflect beneficially for the owner.
A divorce, accompanied by additional financial obligations, can worsen the situation if the family home is to be split.
Due to the simplicity of this case, however, our broker was able to:
Our broker had no need to utilise a specialist lender for this case, which simplified the matter. Additionally, due to our client’s wishes to resolve the divorce settlement as quickly as possible, he was willing to take a higher rate on the loan.
This meant that there were no delays, and our client could proceed with his final financial arrangements regarding the property.
Through our broker, the client’s needs were met and his predicament concerning the family home split was resolved. In contacting us, our client was able to view all available bridging options and, with assistance from our broker, proceed with the best course of action when it came to his own finances.
Many options can be easily overlooked in the unfortunate case of divorce, and without the help of an experienced broker, many people, such as our client, do not have the ability to access certain lenders without our expertise and guidance in important financial matters involving property.
Whatever you need your next short-term finance loan for, we’ve got you covered. Let our friendly expert team find you the perfect tailor-made solution.
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