Tower Street Finance smashes £1m barrier with one IHT Loan
Inheritance lending specialist Tower Street Finance has agreed its largest IHT Loan to date.
The IHT Loan of more than £1.3m was agreed by Tower Street Finance this month to help settle a £3m inheritance tax bill on an estate of more than £10m, following an introduction from our strategic partner Bridging.com.
Business development director at Tower Street Finance, Dicky Davies says: “This is the first loan that we have agreed that is in excess of £1m – which having only launched our unique IHT Loan product seven months ago is a huge achievement and an important business milestone.
“In this particular case the estate had more than £1.6m in liquid funds and we could arrange an IHT Loan to cover the shortfall needed to pay the tax liability.
“We launched the IHT Loan with a £30m funding line, so we still have plenty of firepower left to help more executors and personal representatives deal with the thorny issue of how they raise the funds needed to settle the tax bill and unlock the estate to its beneficiaries.”
The IHT Loan is a unique product designed to help executors, or personal representatives if there is no will, with estates where there is an inheritance tax liability to pay. It requires no credit checks, no charge over property, no personal liability, no monthly repayments and has a fixed monthly interest rate.
The loan is always repaid from the estate funds once the estate is ready to distribute. There is a 2 per cent origination fee (capped at £1,500), which can be added to the loan, and a fixed yearly interest rate of 19.6 per cent. Interest roll-up is capped at 30 months.