Bridging Lender Excel Securities Goes Into Administration

Last week Excel Securities the Manchester based Bridging Finance Lender filed a notice of an intention to appoint administrators at the city’s High Court. The directors now have 10 days to appoint an insolvency practitioner, which is expected to be Begbies Traynor.

Although Excel Securities had not been actively lending in the bridging market in for a few  months now, the news will still come as a shock to those in the bridging Loan sector.

According to the regional business news site, The Business Desk, at the end of 2009, Excel Securities owed its funders over £23 million, with £10 million of this to be paid to NatWest and the rest due to the Israeli Discount Bank and Bank Leumi (UK) plc.