The administration of stricken lender Victoria has been described as ‘going smoothly’ by administrators KPMG, after the current turbulence in the capital markets cut off its funding supply.
Christine Laverty of KPMG, said there was no change in Victoria’s current situation. She Added: “We are working with packagers to ensure borrowers have alternative funding for their mortgages. This is currently going smoothly. We are also working with staff to find interested parties for the sale if its assets. There have been no redundancies.”
Victoria, which is principally owned by US-based venture capitalist Venturion Capital, was unable to honour any outstanding offers (mortgage¬solutions-online.com, 10/09/07), including pre-completion.
