How Tower Street Finance came about
How did Tower Street Finance’s range of innovative probate funding solutions come to be?
A chance encounter at the school gates led to a conversation between a local Solicitor and a Director of a specialist financial services business. The Solicitor was frustrated as they had a client who was effectively financially trapped following the passing of her husband.
The solicitor wanted to help their client, an elderly widow whose story is relatively common.
Finances trapped in probate
Her late husband left a large house, investments and assets but not a lot of cash. Unfortunately, her stepchildren were eager to get their hands on their inheritance and there was increasing tension between the widow and the stepchildren. It had become a real problem and highly distressing for all involved.
Probate and distribution will take over a year. There’s nothing anyone can do about that – it just takes time.
The widow explored taking out a loan to enable her to pay the stepchildren out earlier, but with no income and in the later time of life, no financial product was available to her.
There doesn’t seem to be another choice. The solicitor asks the specialist financial services Director if he knows of any credible specialist lenders who understand probate…
Founding of Tower Street Finance
This led to the founding of Tower Street Finance in 2019 and we were approved by the FCA as a lender in mid 2020.
We launched our first product – Inheritance Advance – advancing much needed funds to beneficiaries, and helped our first customer in September 2020.
Since then we have helped hundreds of people in similar situations and launched three more products designed to help more people navigate the financial challenges of probate.
- Estate Expense Funding – For funding testamentary expenses
- Inheritance Tax Loan – Payment of IHT to release the Grant of Probate
- Inheritance Dispute Funding – Provide funding help for inheritance disputes
Find out more about partnering with us or call 0343 504 7100.