Bridging Loans, Commercial Mortgages, Deposits, Savings Accounts & Litigation Funding
Practice Funding |
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Costs Advance |
Solicitors |
VAT/Tax |
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| Funding Type | Existing Cases | New & Existing Cases | VAT and/or Income Tax |
| Work in Progress Funding | Up to 70% of a costs consultant’s reasonable estimate | Up to 70% (of time recorded) | N/A |
| Disbursement Funding | See above | Normally 100% | N/A |
| Insurance | Not applicable | Not compulsory | N/A |
| Interest Rate | 1% per calendar month | 2.5% – 3.5% over Bank of England Bank Rate (minimum Bank Rate 5%) | c.8.75% flat |
| Application Fee | None | None | None |
| Administration Fee | None | None | None |
| Set Up Fee | None | c. £50 per case | N/A |
| Repayment fee | Up to £50 | None | None |
| Advance Fee | None | None | None |
| Default Fee | 1% interest per calendar month | £50 per month | None |
| Facility Fee | None | 1.5% of facility limit | None |
| Annual Review Fee | 1.5% of the facility | 1.5% of the facility | None |
| Payment of Interest & Fees | Interest monthly direct debit | Interest & fees monthly direct debit | Capital & Interest monthly direct debit |
| Payment of Capital | End of term or earlier conclusion | End of term or earlier conclusion | Paid monthly (see above) |
| Maximum Standard Term | 180 days | 2 years from first drawdown | VAT 3 months, Tax 6 months |
| Standard Security | Assignment of rights under client agreements. PGs and debenture (corporate) may be required. | Assignment of rights under client agreements. PGs and debenture (corporate) may be required. | PGs and debenture (corporate) may be required. |
| Drawdowns | By signed drawdown and electronic request via web site | By signed drawdown notice & electronic request via web site | Payment direct to HMRC on completion |
Funding is also available for other case types. Details supplied for use by professional advisors only. Not for use by members of the general public. Details correct at the time of publication. Interest rates are variable. Terms and conditions of facilities, including security, may vary depending upon circumstances.