Market Financial Solutions Limited (MFS), one of the UK’s leading specialist property finance lenders, has been placed into administration. The High Court decision comes amid claims of serious financial irregularities and shortfalls, including alleged double-pledging of certain real estate assets.
Alastair Beveridge, Benjamin Browne and Simon Appell of AlixPartners were appointed joint administrators of MFS on 25 February 2026. The appointment was on the application of Amber Bridging Limited and Zircon Bridging Limited, asset-based funders within the MFS group who have also recently entered administration with the same joint administrators appointed.
Administration
MFS is a Mayfair-based speciality property lender which offers bridging loans and buy-to-let mortgages. Court filings highlighted “serious concerns” around mismanagement, banking irregularities, potential double pledging of properties securing loans, and potential shortfalls in relation to group collateral worth around £238m. The group funding vehicle who sought the administration are understood to be owed around £1bn.
Paresh Raja – founder of MFS – claims that the administration is not a reflection of the failure of the business, rather a ‘technical and procedural impasse.’ However, it is understood that Barclays had been blocking certain transactions since late 2025, and had frozen the firm’s accounts in January, having incurred exposures to the tune of £600m.
One unsecured creditor of the firm – individually holding a £7.8m claim but representing a wider creditor pool – opposed the appointment of AlixPartners. The group intended to file a competing application seeking the appointment of insolvency practitioners from BTG Begbies Traynor and Coots & Boots. The judge rejected their request for an adjournment, citing the need to avoid incurring unnecessary time and costs, especially in light of the serious financial crime allegations involved.
Financial investigations
MFS has also been linked to international money laundering and fraud allegations: the firm had significant connections to Saifuzzaman Chowdhury, the former Bangladesh Land Minister who had acquired a substantial overseas property portfolio. As a politician, Mr Chowdhury was investigated by the Bangladesh Anti-Corruption Commission as a result of his failure to declare foreign assets and in June 2025 as part of an ongoing civil investigation, the UK NCA froze 342 properties linked to him, which held an estimated value of around £185m.
Global impact
Banks, funds and other lenders are now assessing their exposures to MFS. Reports also indicate that more than 25 entities linked to the firm have entered into insolvency proceedings.