Provira was founded by a group of serial entrepreneurs and investors with extensive specialty finance and fintech experience. We provide flexible, non-recourse bridge financing to both beneficiaries and executors in advance of them receiving distributions from a deceased individual’s estate – which typically takes 12 months in the UK, but sometimes longer.
Provira’s solutions have been tailored to meet the specific requirements of borrowers, and include the following key features;
- Cash up-front with no monthly payments due until the estate is fully wound up and distributed
- Borrowers can access up to 60% of an expected inheritance (or the estate’s value in the case of an Executor Advance, which is typically used to pay IHT)
- Risk-free – no PG’s or asset charges
- Provira underwrites estates based on their expected value, so a borrower’s credit score and personal income will not impact their eligibility for an advance, nor the amount available or the cost of the facility
- No fixed term – the advance remains outstanding until the estate is wound up and cash is distributed
- Once Provira’s capital and interest is repaid all residual cash is distributed directly to beneficiaries
Provira offers Advances to both beneficiaries (Probate Advance) and executors (Estate Advance). Executor Advances are primarily focused on paying the initial IHT instalment due in order to “unlock” the probate process and thus expedite the estate administration. Whilst there are no restrictions on how proceeds are used, typical examples include;
- Deposit on a new home or home improvements
- Renovation of property within the estate to increase its sale value
- IHT and other estate expenses (including legal fees)
- Paying down personally guaranteed and/or expensive personal debts
- Investing in a business or commercial opportunity
- School and university fees
- Covering day to day expenditure as well as one-off costs like holidays, new cars or medical procedures
Provira’s application process is quick, simple and transparent. We aim to approve and fund advances within a week of application subject to information availability. Our application form is fully online and all loan documentation is signed electronically. We work closely with the executors/administrators of estates as part of our underwriting process in order to ensure applications are processed as quickly and efficiently as possible. We are proud of our customer-centric culture and prioritise great service.
Provira does not charge any hidden fees or charges and there are no early repayment penalties.
Tel: 0203 813 6400