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Bridging lender Fincorp enters administration

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  • 25/04/2019
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Bridging lender Fincorp enters administration
Bridging lender Fincorp has gone into administration.

 

According to a note on the lender’s website, Michael Kiely and Simon Bonney have been appointed joint administrators of Finance and Credit Corporation Ltd, the lender’s registered name.

The lender is continuing to trade while in administration.

According to the most recent company accounts filed with Companies House, which cover the year to February 2018, while the firm reported a profit, it still had net liabilities of almost £16m.

Fincorp was caught up in an audacious property fraud back in 2014, which saw a 62-year old woman from Blackpool change her name by deed poll in order to pose as the owner of a vacant house in Kensington.

Dianne Moorcroft, and her daughter Laylah De Cruz, managed to take out a £1.2m bridging loan against the property with Fincorp before they were caught by the authorities.

 

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