MFS and Heliara Finance: trustee structure and senior notes

analysisHeliara’s PSC entry names Ocorian (UK) from August 2025, while Ocorian Trustee held the security-agent role. Its administrators expressly described Heliara as outside the MFS group, although it bought mortgages originated by MFS. Jefferies International was the senior secured noteholder, with £99,534,022.41 recorded principal and £151,002.15 accrued interest; Venus (VHL) Holdings supplied £9,776,895.60 of subordinated funding. ^{1 2 3}

qualification

The PSC record identifies the registered controller; it alone does not establish the full economics or exclude every possible contractual influence by Raja. The charge date is not proof that a funding line first opened on that date.

analysisMFS originated and serviced the mortgage loans, while Ocorian provided corporate services including statutory directors and administration. On 23 February 2026 Heliara terminated MFS’ servicing appointment and invoked Lenvi as immediate back-up servicer. The company had no employees, so these service-provider capacities explain its operation without implying it was owned by MFS. ³

outcome

MFS servicing terminated 23 February 2026; Lenvi was invoked as immediate back-up servicer; Interpath appointed 9 March.

analysisThe original appointment record gives 9 March 2026 as the administration date, whereas the filing history records later submission. The proposals describe the portfolio and creditor position as they appeared to administrators; the figures remain provisional and vehicle-specific. ^{1 2}

outcome

MFS servicing terminated 23 February 2026; Lenvi was invoked as immediate back-up servicer; Interpath appointed 9 March.