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.
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  • Aimed at Executors or Personal Representatives of estates. Can be used to pay Inheritance Tax (IHT), repair/ renovate property in the estate, pay legal fees or other estate liabilities
  • Available to testate and intestate estates
  • Applications assessed solely on the value of the estate, not personal circumstances or credit rating. No charges over property
  • Advance is repaid to us when the assets from the estate are realised. No monthly repayments and no early repayment fees
  • No risk to the borrower. If it turns out the value of the estate is less than expected you will not be required to pay the shortfall should there be one
  • The Arrangement Fee (which is simply added to the loan) is 2% of the loan amount. The interest rate is 2% per month for as long as the Advance is outstanding.
  • Simple interest not compound interest. In the example below this would result in a saving of £1,440 compared to all other providers with the same rates that do charge compound interest

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.

  • We will be in touch with 24 hours to discuss your circumstances and requirements.
  • 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.
  • On receipt of the required information, we will review your application and revert within a few days.
  • If approved, you will receive a formal offer
  • 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.
  • We will keep in touch throughout the length of the loan. You repay the loan as per the terms of the loan agreement.

To apply or for more information contact us on