A new lending firm has been launched aimed at providing funding to cover the costs of legal cost for individuals going through divorce.
The firm – Level – is founded by George Williamson, a former wealth manager and specialist in financial planning for divorcees and Katie Alexiou, a family solicitor.
Level said it aims to provide a “bespoke and personal service” with “fast and flexible lending decisions at competitive rates” as traditionally with divorces, assets are often held in just one party’s name, creating an imbalance in the level of representation the parties can afford. However, Level claims that it can ensure that a client’s case won’t be hindered by lack of access to funds and a financial settlement can be reached.
Level provides fully secured or unsecured lending depending on individual circumstances. Borrowers only pay interest on the amount they draw down, and the capital and interest only become repayable after the conclusion of the case.
Mr Williamson commented: “The divorce litigation funding market is highly specialist but also one which traditionally has been expensive and lacking in transparency. We saw the opportunity to disrupt and improve the sector by introducing greater flexibility, fairer pricing and a much more streamlined process.”
The firm has placed great emphasis on the service it provides thanks to its in-house family law and financial knowledge which is designed to make the process hassle-free for solicitors and their clients. Level is already working with many of the UK’s family law firms as it tests and refines its proposition and said it has a significant pipeline of clients.
Rosie Schumm, a partner at Forsters, commented: “This forward-thinking litigation funder is already distinguishing itself from others. Level echoes the first class, bespoke service offered by the elite family firms. With a personal touch and excellent service, they understand the complexities of cases from only an initial call and give swift decisions, which delights practitioners and clients alike.”
Level is backed by Quilam Capital which specialises in investing and lending to companies in the speciality finance sector - this includes businesses in the consumer and SME finance, leasing and mortgage markets.
Kieran McSweeney, co-founder of Quilam, said: “We definitely see the divorce litigation funding sector as one which is ripe for a new approach and business model. Level is offering competitive rates, can move swiftly, has an extremely strong network across the family law community and has market-leading expertise in its founders. This is an exciting investment for us.”
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