Probate lender Provira secures new £25 million facility

Provira, a leading specialist in probate lending, has secured a substantial new £25 million lending facility from an unnamed City investment fund. This facility aims to support and propel further growth for Provira, following a period of robust performance. Over the past year, Provira has advanced more than £30 million in new loans, expanding its loan book by 250%.

Provira offers two primary lending options to estate executors:

• Estate Advance: This option helps executors cover inheritance tax and other estate liabilities before the grant of probate.
• Inheritance Advance: This option allows beneficiaries to access their inheritance before probate is granted and assets are sold.

Steve Gauke, Managing Director of Provira, noted a significant rise in demand for these loans, largely due to delays in securing probate. With inheritance tax payments required within six months of death to avoid HMRC interest charges, many executors unable to meet these deadlines are turning to Provira for support.

Provira's loans are secured against the value of the estate, with no monthly repayments or early repayment fees, and are typically approved within a week. The average inheritance advance is £40,000, and the average estate advance is £70,000, though loans can go up to £700,000. Estate advance loans are specifically for inheritance tax liabilities or other administrative fees of an estate.

Steve Gauke emphasised Provira's leading role in probate lending, highlighting how the new funding will enhance their ability to support executors and beneficiaries amid rising demand. He also expressed pride in Provira's customer service, noting their high Trust Pilot scores as a testament to their commitment to clients during challenging times.