MFS and Mercury Funding: mortgage interests and receivers

analysisMercury’s PSC record names TMF Trustee from August 2023 and Intertrust Corporate Services before that. At 13 January 2026, Barclays provided the £300 million senior-note facility, with £190 million drawn. Raja-controlled Interlend provided a £35 million mezzanine facility with £22 million drawn, plus £18.9 million subordinated funding. Trustee ownership of the vehicle and junior debt supplied by a Raja-controlled company are distinct capacities. ^{1 2 3}

qualification

Registered corporate share control and security-agent status are different roles; the page alone does not establish the full economics of the vehicle. Interlend’s registered controller is evidenced separately from its lending role; its £19.9 million Galaktikos exposure is supplied by the receiver report.

analysisThe October 2023 funding arrangements supported purchases of an existing MFS buy-to-let portfolio and new mortgages introduced by MFS. Fixed and floating security protected the noteholders’ interests. Legal title and contractual servicing obligations must be read separately from the trustee’s shareholding in the vehicle. ^{2 1 4}

qualification

Registered corporate share control and security-agent status are different roles; the page alone does not establish the full economics of the vehicle. The trustee is the registered person entitled; the listing does not disclose its beneficiaries.

analysisThe receivers reported that Barclays identified disbursement-account payments outside the transaction permissions, leading to acceleration on 28 November 2025 and termination of MFS servicing on 16 December. Lenvi became back-up servicer and receivers were appointed on 13 January 2026. Proposed refinancing led by MFS and Interlend then failed after those companies entered administration. The receivers’ 15 January data tape listed 351 live loans against 473 properties with a £232.4 million gross loan amount; these were recorded balances subject to verification, rather than confirmed recoveries. ^{1 2}

outcome

Refinancing negotiations led by MFS and Interlend failed after their administrations; MFS servicing had already ended 16 December 2025 and receivers appointed 13 January 2026.