Bridging Loans for Probate delays
Access up to 50% of your
inheritance or estate value
before Probate has been granted
Loans to pay Inheritance Tax
Access up to 50% of your inheritance or estate value before Probate has been granted
What is a Probate Bridging Loan?
Probate is the legal process of settling all the assets of someone’s estate when they die and distributing this amongst their beneficiaries such as their children.
The average Probate process takes 9 -12 months in the UK or can be longer if there are complications such as disputes, complex business share holdings, money abroad or multiple properties.
A Probate bridging loan is designed to ‘bridge the gap’ during this time and provide beneficiaries immediate access to funds until Probate is granted and the estate has been settled.
How it works
Efficient solutions at speed
Provira enables you to access up to 50% of the value of the estate within 3 days of application.
Simple and straight-forward pricing
We only charge simple interest (not compound interest) so costs are fixed and transparent and you are not paying interest on the interest. We are FCA regulated.
Confidence in the process
We work directly with solicitors and pay HMRC Inheritance Tax directly. There is no personal guarantee required, no monthly repayments and no early repayment fees.
Provira can help during Probate delays
Provira offers an effective solution in this scenario. Our two main products are inheritance advances and estate advances, and they can help you access up to 50% of your overall inheritance or the value of the estate upfront.
Inheritance Advance Loans – this is aimed at beneficiaries of estates, it provides immediate access to up to 50% of your future inheritance. The funds can be used for any purpose.
Estate Advance Loans – this is aimed at executors of estates, it provides immediate access to up to 50% of the net assets in the estate. The funds can be used to pay Inheritance Tax, to make repairs/renovations to a property in the estate prior to sale or any other estate liability.
Start your application by using our short form online or calling us on 0203 813 6400. We aim to provide a decision within 24-48 hours and successful applicants are often funded within a matter of days.
What can a Bridging Loan for probate be used for?
An Estate Advance can be used to:
- Pay inheritance tax and meet the deadline to avoid interest charges and a larger inheritance tax bill
- Pay for important property renovations, restorations and upgrades to increase the value of the deceased’s home before selling
- Cover any other estate fees and liabilities
An Inheritance Advance can be used to:
- Fund your business
- Pay school fees
- Finance your own home improvements
- Consolidate debt
- Purchase a new car
- Or any other investment or payment – the choice is yours
Can a Bridging Loan help pay Inheritance tax during a Probate delay?
Yes, our estate advance is a bridging loan for Probate that gives you immediate access to funds and can be used to pay inheritance tax and any other estate expenses that arise during Probate delays.
Borrowers can access up to 50% of their inheritance or the value of the estate’s assets upfront, which could be £20,000, £50,000, £100,000 – up to over a million sterling.
What are the terms of a Probate Bridging Loan with Provira?
Arrangement fee – An arrangement fee of 1 – 2% applies.
Monthly fee – A monthly fee of 1.5%-2% is charged and rolled up until the end of the loan term.
Paid directly from the estate – All repayments are collected at the end of the loan term directly from the estate. You do not need to make monthly repayments via direct debit or manual repayments, the loan is repaid when the estate is settled.
Underwritten against the estate – The loan amount and eligibility is underwritten against the net value and assets of the estate, therefore your income, job status or personal credit rating are not considered in the decision.
No personal liability for the loan – If the estate is overvalued or inheritance is less than expected and there is no breach of loan agreement, you will not pay the shortfall.
14-day cooling off period – You have the right to withdraw your loan with no interest charged in the first 14 days.
No early repayment fee – No early repayment or exit fees are charged by Provira.
What are the benefits of using a Bridging Loan during Probate?
At Provira, we are delighted to provide a fast and effective bridging loan during a time that might be challenging for you and your family.
The main advantage of a bridging loan is speed of funds, giving you access to important capital in days or weeks rather than months and the traditional hurdles you might experience with mainstream banks.
Bridging loans are also simple to repay – once Probate is granted, we will liaise with your solicitor or Estate Administrator who will repay the loan to Provira directly.
Our highly experienced, caring team is passionate about helping our customers during a time that is likely difficult and fraught. Customers are supported by the same dedicated underwriter from application through to funds being issued and they are always on hand for any queries, to help work through documentation to liaise with solicitors directly. On receipt of your documents, loans are assessed within 48 hours and when approved, funds are released within a matter of days.
Get your Advance in these 4 simple steps
1
2
Send us your documents
We confirm your eligibility and send you a list of the documents we’ll require, including:
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
We confirm your eligibility and send you a list of the documents we’ll require, including:
Show list
- Copy of Death Certificate
- Copy of Will (if applicable)
- Copy of Grant of Probate/Confirmation/Letters of
Administration (if applicable) - Confirmation of the assets and liabilities within the estate
- Proof of ID, address and bank details
3
Your application is assessed
Our experienced underwriters assess your application within 48 hours and successful applications receive a formal email offer.
4
Receive your funds
Ready to get started?
Other things to know
- There are no monthly repayments and no early repayment fees.
- The Advance is normally repaid in full when your inheritance is received.
- When the estate is settled the loan is repaid to us, normally by the Estate Administrator or the professional firm responsible for the sale of a property within the estate.
- If it turns out that your inheritance is less than expected, then as long as you have kept to the terms of the agreement, you will not be required to pay the shortfall should there be one.
From out of a hole towards hope – how Moneer was able to move forward with his life
Representative example
An Advance of £50,000 with an Arrangement Fee of 2% (£1,000) and an Interest rate of 24% (fixed). Interest is calculated on the advance and the fee and accrues daily.
*representative 26.5% APR.
What are the fees for an Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
What are the fees for an Estate Advance?
The Arrangement Fee (which is simply added to the loan) is 1-2% of the loan amount. The interest rate is 1.5-2% per month for as long as the Advance is outstanding.
Crucially, we only charge simple interest rather than compound interest. This means you are not paying interest on the interest. In the example above, this would result in a saving of £1,440 compared to all other providers with the same rates and fees that do charge compound interest.
We’re here to help
It’s important to us that you have all the information you need to move forward with hope.
or call us on 0203 813 6400
FAQ's
A bridging loan is a common term for an Inheritance Advance/Inheritance Loan or an Estate Advance/ Estate Loan. Both offer you access to immediate funds to help you bridge the Probate period.
An Inheritance Loan (or inheritance advance) is an advance on outstanding inheritance where the funds can be used for any purpose, and an Estate Advance offers an advance of net assets in the estate to pay for estate liabilities, repairs or renovations or to pay Inheritance Tax.
No, we do not take personal security against your own home, only against the value and assets of the estate.
Loans are typically outstanding for up to12 months, until Probate is granted.
If the Probate process is delayed, the loan remains secured against the estate and monthly interest will continue to accrue, assuming no breach of loan agreement.
We can offer up to 50% of the Estate’s net eligible assets. eThe value of the Estate is estimated as the Estate’s eligible assets less any liabilities owed, such as the Administrator’s fees, mortgages over property within the Estate, etc. This gives the Estate’s estimated net eligible asset value including UK domiciled cash, publicly quoted investments and properties that are to be sold. Some other assets may be considered.
When in the form of an Inheritance Advance, the money is transferred directly to the beneficiary.
When in the form of an Estate Advance, the loan is transferred directly to the Executor or their solicitor. In the case of the funds being used to pay an inheritance tax bill, we can pay HMRC directly.
Provira’s founding team and investors are experienced financial professionals, having successfully launched and invested in many innovative specialty finance businesses. We are passionate about building disruptive businesses that focus on benefiting the consumer. We’ve worked for and with some of the largest and most reputable financial institutions globally.