Facility & Loan Costs

Loan Costs to the Client:

  • 1.25% interest per month (15% per annum) on the drawn balance - £12.50 per month per £1,000 borrowed
  • £75 fee when the loan is set up - fee is added to the loan balance
  • £20 fee whenever a drawdown is made - fee is added to the loan balance

No legal, valuation, advisory or security costs to pay.

Facility Costs to the Solicitor

A one off fee of 1% of the total facility initially taken. This is NOT an annual or recurring fee. The point of the fee is to encourage firms to only take a facility they expect to fully use (we have reserves against committed facilities and large unused facilities cost us dearly). If you find the scheme works well for you and you want to increase the facility after the first year, there is no fee on any increase, because we will know that the facility is fully used. We advise firms to start with a small facility that they are confident will be fully used and then increase that facility over time. Our minimum facility is £30K.

All loans are underwritten by your firm but remain off balance sheet

Security is required in the form of a solicitor's guarantee and a client undertaking to their solicitor to pay the loan balance from the proceeds of their case.

For further information or to apply for a facility please contact us or send an email to info@lime-finance.com

Representative Example:

Amount of credit:  £25,000 for 12 months.  Interest £3,750.  Interest rate 15% per annum (variable).  Set up fee £75 and Drawdown fee £20.  Initial payment of £95 followed by 11 monthly payments of £312.50 and a final payment of £25,312.50.  Total payable £28,845.  Representative 16.5% APR (variable)

Lime Finance, Queen's Gardens, 31 Ironmarket, Newcastle, Staffordshire, ST5 1RP

Authorised & Regulated by the FCA - 728998