Costs Funding

MRN Solicitors are proud to be working with Novitas Loans to provide their unique funding facilities to our clients as a means of maximizing cash flow whilst progressing cases and avoiding the effects of timescales or unnecessary acceptance of low settlements when negotiating settlement of bills.

Disbursement Costs Funding

The Disbursement Costs Funding facility provides funds for Disbursement Costs incurred as a case is run to conclusion. These costs can quickly mount up at a business level as your portfolio of cases grows, each taking the many months associated with reaching a conclusion, driving the need for prudent cash flow funding and management.

Costs Advance Facility

Designed for solicitors instructed under Conditional Fee Agreements or who, for other reasons, are relying on successful conclusion of a case in order to secure payment for their services. When the bill of costs is drawn we evaluate the level at which we expect the bill to be assessed or agreed. Novitas Loans will then advance a percentage of this value.

A master agreement will be put in place to facilitate easy and rapid release of funds for either facility on a case by case basis. An arrangement fee applies when funding is provided, with only interest being charged, monthly, until the settlement is received.

Key benefits of the product

  • Single Master Agreement enabling rapid case by case funding.
  • Commercially cost effective solution for enhanced cash flow
  • Removes the cash flow attractiveness of low offers, improves your negotiating power
  • Does not impact on other bank facilities
  • Puts flexibility in your hands
  • Funds are available for you to use as you need

For more information please contact Michael Joseph 0161 830 8474