Lime Finance provides loans to clients to pay legal fees and disbursements, as they fall due, throughout a legal action. The loan is repayable on settlement of the case or after a defined period. Loan accounts are administered via our secure website, allowing clients and their solicitors to view statements, intiate draw-downs or to make repayment.
Lime Finance simply charges interest on a loan, whatever the outcome of the case. The facility does not take any kind of share in the settlement value. The loan facility is therefore appropriate when a minimum settlement can be reasonably assessed and the client lacks the necessary cashflow to fund the action.
Lime Finance simply charges interest on a loan, whatever the outcome of the case. The facility does not take any kind of share in the settlement value. The loan facility is therefore appropriate when a minimum settlement can be reasonably assessed and the client lacks the necessary cashflow to fund the action.
Services
Since 2009 Lime Finance has filled a gap in the litigation finance market; a gap for those people who have assets in dispute or who expect to receive a financial settlement, but cannot easily fund the legal fees of their chosen solicitor. In these cases, we provide a loan to pay legal fees until the action is settled.
We will consider any litigation with a financial settlement. However, the majority of cases where we lend are matrimonial (divorce loans), probate (executor loans for litigation or bridging loans to pay fees and inheritance tax), and financial claims (such as personal injury, medical negligence, professional negligence, housing disrepair, cavity wall, etc).
Lime Finance provides an overall firm wide facility to solicitors, under which we extend loans to your clients to enable them to pay your fees and disbursements. Whilst we reserve the right to consider every client loan application individually, we are guided by you as you apply your firm's overall facility across your client base.
Loans above 12,500 pay 1.1% interest per month (13.2% per annum) on the drawn balance - 11 per month per 1,000 borrowed. Smaller loans pay 1.25% interest per month (15% per annum) on the drawn balance - 12.50 per month per 1,000 borrowed. 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.
This works in situations where you reasonably expect a certain minimum financial settlement but are having difficulty paying your legal fees/disbursements as the action progresses. The majority of our cases are matrimonial (divorce), probate (inheritance and title), and financial claims (such as personal injury, medical negligence, professional negligence, housing disrepair, cavity wall, etc).
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Remi Tuyaerts
Jan 02, 2021
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