Hundreds of prime central London homes may come onto the market following the collapse of property lender Market Financial Solutions, a £2bn shadow bank, amid allegations of lending irregularities.
The bridging lender entered administration last month, with reports suggesting some assets may have been pledged multiple times to secure loans. Creditors are now facing an estimated £1.3bn shortfall.
FRP Advisory and Begbies Traynor have been appointed to handle the sale of more than 250 property companies linked to individuals with connections to Market Financial Solutions, in an effort to recover funds for creditors.
Many of the companies hold ownership of luxury flats in central London, including areas such as Mayfair, Belgravia, Kensington, Knightsbridge, Fitzrovia, Marylebone and Nine Elms. Properties include traditional stuccoed residences on streets such as Berkeley Street, Grosvenor Square and Portland Place, as well as modern upscale flats.
Companies House records show that ownership of the residences is tied to 134 Buckingham Palace Road, the former address of MFS prior to its administration last month. Three directors – Khemanand Hurhangee, Dipeshkumar Patel and Dipendra Amin – are listed for these companies, which had borrowed from MFS. Court filings indicate these individuals have connections to Paresh Raja, co-founder of MFS.
Amin and Hurhangee are also linked to Magus Chartered Accountancy, which MFS identified as one of its main accountants. There is no suggestion of wrongdoing by Magus, MFS, or any of the individuals named.
A spokesperson for FRP Advisory confirmed that administrators have been appointed to manage the sale of roughly 250 companies associated with MFS.
Creditors are expected to look to the sale of these properties to help recover part of the estimated £1.3bn shortfall left by MFS.
The collapse of Market Financial Solutions follows allegations described by a judge as “very serious,” including claims that assets were double pledged to secure loans.
MFS was part of a growing sector of UK bridging lenders, providing short-term, property-backed loans to borrowers who might not qualify for traditional bank financing.
To support its expansion, MFS borrowed more than £2bn from major financial institutions, including Barclays, Wells Fargo, Jefferies and Santander. Its clients included property investors, overseas family offices, and high-profile individuals such as sports stars.
Among its larger clients was Saifuzzaman Chowdhury, a Bangladeshi politician, whose properties were frozen by the UK’s National Crime Agency in June 2025. He has not been accused of any wrongdoing in connection with MFS.
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