March 4 (Reuters) - Banco Santander is owed between 200 million pounds ($267 million) and 300 million pounds by a company tied to Market Financial Solutions, a UK mortgage lender that collapsed last
Santander's Exposure to Bankrupt UK Mortgage Lender MFS Exceeds $267 Million
Details of Santander's Involvement and Industry Impact
Overview of Santander's Exposure
March 4 (Reuters) - Banco Santander is owed between 200 million pounds ($267 million) and 300 million pounds by a company tied to Market Financial Solutions, a UK mortgage lender that collapsed last week, Bloomberg News reported on Wednesday, citing a person familiar with the matter.
Security Against Mortgage Portfolio
The Spanish lender's exposure is secured against a portfolio of mortgages, the report added.
Santander's Response
Banco Santander declined to comment.
Comparison with Other Creditors
The figure compares to the 495 million pounds owed to Barclays, 200 million pounds to Elliott Management and 400 million pounds owed to Apollo Global Management's Atlas SP Partners unit.
Industry Reaction and Background
Assessment of Exposure
Banks and private credit funds are scrambling to assess their exposure to MFS after the little-known lender was placed into administration amid allegations of financial irregularities and mismanagement.
About Market Financial Solutions
Specialization and Insolvency Protection
London-based MFS specialised in complex property-backed loans. It had applied for administration, a form of UK insolvency protection, after it ran into difficulties.
Additional Information
($1 = 0.7481 pounds)
(Reporting by Fabiola Arámburo in Mexico City; Editing by Sahal Muhammed)
