--- title: "MFS and Solar Bridging: security, control and servicing" language: en canonical: https://osint.v3rta.com/dossiers/market-financial-solutions/relationships/mfs-solar/ as_of: 2026-10-09 keywords: ["Market Financial Solutions","MFS","Paresh Raja","Pratibha Raja","mortgage servicing","bridging finance","securitisation","administration","Twinwin","Cronus Finance","Galaktikos","Trident Funding"] --- # MFS and Solar Bridging: security, control and servicing **Question.** How did Solar Bridging’s control and service arrangements change? **Answer.** Solar Bridging had Raja-company control and security held by an independent bank trustee. It was outside insolvency in the April MFS proposals but entered administration in June 2026. ## Control and security arrangements - Analysis: PSR 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. [s-d100] [s-d64] [s-d152] [s-d223] - 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. - Analysis: Solar’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. [s-d64] [s-d152] [s-d204] - 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. ## Later administration and services - Analysis: Solar 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. [s-d43] [s-d197] [s-d203] [s-d204] - 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. ## Sources - [s-d100] Companies House: Solar Bridging Limited — persons with significant control, Companies House - [s-d64] Companies House: Solar Bridging Limited — registered charges, Companies House - [s-d152] Companies House: U.S. Bank Trustees Limited — persons with significant control, Companies House - [s-d223] GLEIF legal-entity record: 254900D6EU6LB1JGAM82, Global Legal Entity Identifier Foundation - [s-d204] Solar Bridging: administrators’ proposals, July 2026, Companies House - [s-d43] MFS joint administrators’ proposals, 21 April 2026, Companies House - [s-d197] Companies House: Paresh Shantilal Raja officer appointments, Companies House - [s-d203] Companies House: Solar Bridging Limited — filing history, Companies House