Charity Advance
Enabling Executors to access up to 50% of
the value of the estate now

- Aimed at Charities, enabling them to gain immediate access to their future legacy income.
- Can be used to fund specific projects.
- Applications assessed solely on the value of legacy income a charity is waiting to receive.
- Flexible loan structure to ensure ease of repayment.
- Costs vary depending on the amount borrowed and the size of the future legacy book. However, typical costs are a 2%-3% arrangement fee and an interest rate of 1%-1.5% per month.
Representative Example
An Advance of £100,000 might incur an arrangement fee of 3% (£3,000). Interest is calculated on the advance and the fee. Interest is calculated and applied daily, based on an annual rate of 12% (fixed). Assuming the Estate takes 12 months to liquidate and you repay the loan in full (capital, interest and fees) at that time, you would owe £12,360 in interest plus £3,000 in fees and £100,000 capital, resulting in a balance of £115,360 and a representative 15.36% APR.
Process
You will always have a dedicated point of contact within Provira and can get in touch at any time if you have any questions or queries.
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Contact us on 0203 813 6400 or [email protected]
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We will be in touch with 24 hours to discuss your circumstances and requirements.
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We will confirm the information we will need for underwriting purposes. This will depend on your circumstances and whether we are basing our decision on a specific legacy or on a whole of book basis.
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On receipt of the required information, we will review your application and revert within a few days.
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If approved, you will receive a formal offer
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If you decide to proceed we will issue loan documents for signature (normally electronically). As soon as all documents are signed we will release funds.
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We will keep in touch throughout the length of the loan. You repay the loan as per the terms of the loan agreement.