Fincorp administration confirmed
Fincorp formally entered administration earlier this month after speculation that time was finally up for the bridging lender.
On 11 April, Michael Kiely and Simon Bonney were appointed joint administrators of Finance and Credit Corporation Limited, otherwise known as Fincorp.
Initially launched in 1988 the lender was an established player in the post financial crisis bridging space.
However following a number of departures, including Matthew Anderson and Nigel Alexander to Amicus and founder Ronnie Natas who retired, the lender has had a much reduced presence.
And with accounts published by Companies House having shown the lender making significant losses over the past few years it now looks as though the decision has been made to call time on the firm.
Terry Pritchard, managing director of Charter HCP, said: “It is always disappointing to see any business enter administration and Fincorp is no different.
“Over the years Fincorp was a player in the space and unfortunately it just seems that some of the deals they have written over the years have come back to haunt them.”
Indeed one such deal was a £1.2m loan which saw a mother and daughter hauled before the courts in mid-2014 after it emerged they had defrauded the lender (read more here).
Property developer Keshava Raghubeer of Sixteen South West also expressed his disappointment at the demise of the lender.
He said: “Historically Fincorp was a solid lender and it’s a disappointment to see yet another firm exit the industry.
“The housing supply issues that plague the UK remain and bridging and development finance lenders help the market hugely by providing some much needed liquidity.
“One has to hope that with lenders leaving the market it allows the next generation of lenders to come to market and provide the funding the which is so desperately needed.”
The administrators have said that the company is continuing to trade whilst in administration and customers are advised to contact 020 7722 7547 with any enquiries.