Ampla Finance launches first of its kind product to UK consumer lending market
Today marks the launch of Ampla Finance’s next consumer finance offering and the first of its kind in the UK. Having successfully launched in the Family Law funding space, Ampla Finance is moving into the legacy market, with a product that allows consumers to access the proceeds from inherited estates before the grant of probate.
Backed by private equity firm RoundShield Partners, Ampla Finance’s newest product provides a service never previously offered in the UK; enabling the executors and beneficiaries of inherited estates to access proceeds, ahead of the grant of probate. Whether to settle debts on an estate (including inheritance tax liabilities), pay legal fees, or undertake home improvements, borrowers can use the released funds to suit their financial needs. An Ampla loan will be approved in just a few days, with competitive rates that offer a managed alternative to high-interest short-term loans or credit card debt. All interest and fees will then be rolled up until the estate proceeds have been realised, so there are no ongoing payments to be met. Ampla Finance is already engaged with number of leading Estate Administrators.
Commenting on the launch, Gary Little, Executive Director, said: “When we founded Ampla Finance we were determined to combine our fifty years of financial services expertise to develop bespoke loans designed to cover a range of life events. We believe this new product is genuinely innovative and answers a real need in the consumer market. As fair, transparent lenders, we are excited to be bringing our expertise to this new market.”
Louise Hall, Commercial Director, added: “The probate process is notoriously lengthy, with complex estates including assets such as property and shares taking upwards of twelve months to administer before funds are released. Moreover, with inheritance tax liabilities becoming payable six months after the date of death, many people find themselves incurring costs, and facing difficulties paying until funds can be released from the estate. This new product meets this gap in the probate funding market.”