Specialist lender Market Financial Solutions Limited has applied to enter administration after almost two decades in business. The long-established UK property finance lender, which was founded in 2006, said the step had been taken to protect its some 200 employees, investors and stakeholders while the business works through an unexpected banking-related issue.
Paresh Raja, founder of Market Financial Solutions, said: “This is an extremely difficult moment for everyone connected with Market Financial Solutions. As a family-founded business that has been built over nearly 20 years, this is not a decision that has been taken lightly. »
The lender noted that while the underlying business remained asset-backed and operationally sound, the board concluded that placing the company into administration was “the most responsible way to safeguard value and provide stability during this period and allow operations to continue under the supervision of the court”.
Over its lifetime, Market Financial Solutions has grown steadily, supporting borrowers, investors and partners to manage more than £1.2billion in cumulative lending, with the loan book reaching approximately £2.4billion at its peak.
« The current situation does not reflect a failure of the underlying business or the quality of our assets, but rather a technical and procedural impasse that has temporarily limited our access to everyday banking facilities, » Mr Raja added.
“My priority is, and always has been, the people behind this business – our staff, our investors and our creditors. Entering administration allows the Company to be protected while we work openly and cooperatively with the Joint Administrators to find a way forward.
« I remain fully committed to preserving value and doing everything possible to support a positive outcome for all stakeholders.”
Mr Raja remained hopeful that, subject to progress during the administration, there may be an opportunity to stabilise the business and explore options for its future, but any such steps would be taken with the interests of creditors and investors firmly in mind.
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