MFS and Solar Bridging: security, control and servicing

analysisPSR Equities became Solar Bridging’s registered controller in February 2023. Earlier records name a holding entity associated with company number 13210376, whose naming needs historical care. Solar granted security to U.S. Bank Trustees; the trustee’s own controller is U.S. Bancorp, a separate banking group. ^{1 2 3 4}

qualification

The recorded notification and cessation dates overlap by one week; the register’s dates are preserved rather than normalised. The 2023 charge was satisfied; the 2025 charge remained recorded outstanding at the retained snapshot. The trustee is not identified as the economic lender. The controller entry does not identify the senior economic lender behind the Solar security. A corporate trustee’s name is not evidence of wrongdoing by its parent.

analysisSolar’s earlier secured lending was satisfied in January 2025. Under a new structure dated 24 July 2025, Macquarie Bank made a £250 million senior facility available and advanced £45.6 million. PSR Equities supplied mezzanine and subordinated debt, while U.S. Bank Trustees held security for the creditors. The security trustee was neither the senior lender nor part of PSR’s ownership chain. ^{2 3 5}

qualification

The 2023 charge was satisfied; the 2025 charge remained recorded outstanding at the retained snapshot. The trustee is not identified as the economic lender. The controller entry does not identify the senior economic lender behind the Solar security. A corporate trustee’s name is not evidence of wrongdoing by its parent.

outcome

Substantial shortfall expected for Macquarie and no likely surplus for PSR.

analysisSolar was outside insolvency in the April MFS schedule but entered administration on 5 June 2026, after default and expiry of a standstill period. Lenvi assumed back-up servicing after MFS’ insolvency. Administrators received £20.5 million from Barclays on 16 July under a court order subject to set-off and other terms, while competing claims over most of the recorded £37.9 million portfolio remained under investigation. They expected a substantial shortfall for Macquarie and no likely surplus for PSR. ^{1 2 3 4}

outcome

Solar subsequently entered administration 5 June 2026; the April status was historical. Solar entered administration 5 June 2026 following default and standstill expiry. Administrators received £20.5 m from Barclays 16 July 2026 under an order subject to set-off and other terms; portfolio competing interests remained under investigation. Substantial shortfall expected for Macquarie and no likely surplus for PSR.