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About MFS
The collapse of Market Financial Solutions is the biggest alleged fraud to hit UK securitisation, and it's bringing on cockroach mania.
With £2.6bn of debt outstanding and at least £1.3bn of missing collateral and cash, the cast of exposed lenders is long — Barclays, Atlas SP, Santander, Wells Fargo, Jefferies, Castlelake, Avenue Capital, Angelo Gordon, Elliott, Realm Investment House, SMBC and Macquarie were caught when the music stopped.
£2.6bn
£1.3bn+
25+
5+
The 9fin advantage
Almost every lender in European securitisation had talked to MFS. Yet when administration was filed, 9fin was the first to publish and provided unparalleled analysis on what it meant.
- First to critical information, from fraud allegations to double-pledging and forged documents, 9fin was at the forefront of reporting on MFS.
- The story behind the story — Court documents, structural analysis, podcasts, lender-by-lender exposure breakdowns, we went deeper on every development.
- Unified across markets — 9fin's combined coverage across ABF and distressed debt gave clients a connected view of the collapse, in a niche 9fin exists to illuminate.
“Peerless analysis from Owen on the MFS shitshow. Kudos to 9fin for being ahead of the curve on the story this week.”
Our coverage of MFS
9fin first started reporting on MFS in September 2025, and went beyond the headlines to analyse the mechanics of this extraordinary collapse.
Below we highlight just a fraction of our coverage. For the full scope of our reporting and analysis, get in touch for a free 30-day trial.
First to the story: administration, lenders and fraud allegations
9fin was first to report that MFS had filed for administration. We identified key lenders and analysed funding structures before any major outlet.
We were later first to pick up on the fraud and double-pledging allegations, which kicked the situation into high gear. We also provided 9fin subscribers with critical court documents, and expanded the coverage the same day.
Our ABF Editor, Owen Sanderson, took to his flagship ABF column, Excess Spread, to analyse the fallout of the situation and what we knew so far.
The same week, we looked across the market at lenders exposed to MFS, and the broader market reaction.
Going deeper: auditors, due diligence failures and bank response
As others caught up to the news, 9fin moved to the layer beneath it, digging into the structural enablers that allowed the fraud to go undetected.
We were first to flag the questionable audit firms used by MFS, started to uncover how the story began and found out that the collateral due diligence done by previous lenders had missed the problems at MFS.
9fin tapped up its friends and associates, and brought in Kawai Chung, chief executive of Folk2Folk and a mortgage market veteran, to get his podcast thoughts on the situation, followed by another analysis in column format.
Before the week was over, we’d broken two more stories — MFS’s auditor had borrowed money from MFS, and Wells Fargo, one of the banks exposed, had launched a deep dive into its whole UK securitisation book in the wake of the losses.
Court action, forged documents and a worldwide freezing order
Court hearings escalated, with more reverberations through the market. 9fin documented the mechanics of fraud in detail, staying one step ahead of the pack as each new development emerged.
A lender which turned down MFS lifted the lid; a lender who was exposed explained their exposure.
Arguments in court outlined some of MFS’s methods — connected borrowers, linked to MFS boss Paresh Raja — as well as the size of the hole. Administrators scrambled to take charge of the situation and get control of assets.
9fin then opened out what actually went on, as the first to report the forged documents and misappropriation of funds. We also reported on one of the curious features of the collapse — the group of individual ‘unsecured’ creditors who gained security right before year-end, when the firm was already in difficulty.
We looked at how the double-pledging actually worked, the administration of MFS-linked propcos, and the struggle over which administrators could take control of an MFS funding vehicle (which included some very novel reasoning).
When the banks began their lawsuits, 9fin was there, reporting Santander’s successful claim against Barclays — and the scale of the damage as this started to emerge.
More recently, we’ve looked at MFS’s financing terms — making it the perfect client, if all the loans were in place! — as well as exclusively reporting the back-leverage obtained by one of the funders, and highlighting the mystery British Virgin Islands entity which seems to be owed money by the collapsed lender.
Paresh Raja has denied wrongdoing in relation to these allegations.
A cohesive view across debt asset classes
Right up to today, we’re bringing new coverage, as the administrators try to head off conflict of interest accusations amid a call for cooperation, and a worldwide freezing order for MFS’s founder.
This breadth of coverage is only possible because of 9fin's combination of market-leading asset-based finance and distressed debt coverage — and the depth of market relationships that lets us reach into corners other outlets don't cover, with sources others don't have.
