The funding we provide comprises of short-term tailored loans of up to 12 months with interest front-loaded and capital returned at maturity. The initial fixed rate of interest on each loan is charged upfront, and is deducted from the total loan amount before funds are advanced to you. In the event that the claim succeeds and proceeds are obtained from the defendant, the loan is fully repaid from the proceeds. In the event of an unsuccessful case, the ATE insurance policy purchased by the claimant repays the loan back directly to us, so you do not have to worry about repayment on failed cases.
External disbursements incurred on behalf of claimants can be substantial, especially when Law Firms handle a high volume of cases at any one time. By utilising our funding solutions, we provide an upfront facility to cover these costs which are eventually repaid either by the dependent or the ATE insurance policy purchased on behalf of the claimant.
With proceeds of successful cases only being paid out on settlement of the case, cashflow for Law Firms can face challenges, and be difficult to manage. With our upfront funding facility, we can fund an element of Work in Progress (“WIP”) for each case in addition to the disbursements, assuming this is also covered by the ATE policy. Hopefully this allows you to easily manage monthly cashflows and assist with your growth and expansion plans.
All Law Firms must enter into an ATE legal expenses insurance policy for all funded cases, to cover WIP and adverse costs in the event of failed cases. We will only provide funding on cases for which ATE insurance has already been obtained.
In addition to the ATE Policy, we will take a fixed charge and assignment over case and insurance proceeds.
Fenchurch Legal has focused on funding housing disrepair claims to date, however we are interested in funding other types of claims such as:
All the above type of claims can be covered by ATE Insurance, and we can also put you in contact with ATE providers that offer this type of cover.
If you want to fund a type of case we have not considered, get in touch with us to discuss.