Bond Overview:
Fenchurch Legal is a private company registered and operating in England, that was incorporated in April 2020. The company raises capital through multiple wholly owned subsidiaries, one of which is Fenchurch SPV 3 Limited. This particular SPV, has issued  four different series of bond offerings, that vary in terms of currency, payment terms and rate of return. Loans provided to the SPV bonds are intended to finance the activities of Fenchurch Legal, which provides loans to law firms for the purpose of funding legal costs and disbursements of consumer claims (legal cases).The company was founded by Louisa Klouda, after identifying a significant gap in the market for financing small value, high-volume legal claims.

Strategy: 
The capital raised by the bonds will provide loans to the main operating company, which then grants loans to SRA regulated law firms, based in  England, that require funding for various legal cases. The interest and the repayment of the loans by the borrowers, law firms, serve the company’s debt to the bondholders. Fenchurch Legal focuses on providing funding for certain types of claims that meet a variety of criteria defined by the company’s strategy. Specifically, the company focuses on funding consumer claims, whereby the legal case follows claims that have a strong legal precedent set in the market – meaning there is a relatively easy and clear distinction as to whether there was a breach of the law or not – and the claim is relatively uncomplicated, mainly because the legal definitions are clear, process driven claims, primarily and low value.