Traditionally, only barristers have utilised an aged-debt facility, but now solicitors can also benefit from this route to funding. This is not invoice finance but a loan based on your current WIP, we do not take a charge on your aged debt ledger.
With over 25 years industry experience Synergy Professions understands the strains that can be placed on cash flow, often due to the time it takes for cases to come to fruition. Aged debt funding is a useful tool to release cash locked into your debtor list. It will give your Practice an injection of cash, with repayments to suit your budget whilst you wait for your debtors to pay you what’s owed.
Synergy Professions has developed a dedicated route for solicitors and barristers to secure aged debt funding, with a quick turnaround in 48 hours to ensure you have the funds as soon as you need it, whilst keeping your working capital available for other uses.
The benefits of an unsecured Aged Debt loan are:
- Existing banking benefits will not be affected
- No deposits or prepayments required
- Loans are tailored to your individual requirements
- Repayment and interest charges are fixed for the duration of the loan Repayment and interest charges scheduled over an agreed period (from 6 months to 5 years)
- Funds are electronically paid directly into your practice
- The loan can be used for practically any purpose
Examples of how Aged Debt Finance can be utilised include:
- Day to day working capital
- IT: computer hardware, software, training and services
- Office equipment
- Chambers/Practice refurbishments
- Chambers/Practice move
- Chambers/Practice buy-in