Level, a UK-based lender within the family and private client law sectors, has announced the acquisition of Tower Street Finance as part of a move to target growth in the probate lending sector.
Alongside the acquisition, Level has also secured new investment from Kendal Capital and additional funding from Correlation Risk Partners to support its growth plans.
With over £100bn of assets tied up in probate in the UK, demand for probate lending is growing as it provides a way to bridge the gap while relatives wait for probate to be granted or illiquid assets such as property or land to be sold but are facing a deadline to pay the inheritance tax (IHT) bill before the inheritance comes through.
The co-founder of Tower Street Finance, Jim Sission, and two employees will join the Level team, bringing the headcount to 20.
Level has also raised a further £10m in investment, comprising £5m in equity capital investment from Kendal Capital and £5m in debt investment from Correlation Risk Partners.
Founder and CEO of Level, George Williamson, said: “Kendal Capital’s investment not only brings significant equity to accelerate growth, but unparalleled experience in scaling lending businesses. We are well-placed to meet the growing demand for funding by families involved in these sorts of proceedings and supporting them in achieving a fast and fair financial outcome.
“By combining Tower Street Finance’s unparalleled expertise and network in the probate market with our platform and trusted reputation, we have a significant advantage over our competitors.”
Tower Street Finance co-founder, Jim Sission, commented: “Bringing together two market leaders in family law and probate finance creates a best-in-class platform for legal funding. The combined business has the capability to serve the growing demand in both areas, as well as leverage our combined expertise to further develop our product offer in the future.”
CEO and co-founder of Kendal Capital, Grant Kurland, added: “Level presents an exciting investment opportunity in a growing market. The combination of Level & TSF is well placed to capitalise on their respective market leading positions in the family and probate sectors and my team and I look forward to working with the already best-in-class Executive team to support the growth plan and help the business realise its full potential.”
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