FundingSecure’s administration is likely to be extended again, adding even more time to the collapsed lender’s drawn-out insolvency proceedings.
The peer-to-peer pawnbroker and property lender went into administration in October 2019 amid concerns about defaults in its loan book.
Read more: FundingSecure administration extended by another year
The administration was originally extended in 2020 for three years, with an end date set for October 2023. It was then extended again to October 2025.
But according to the latest administration report filed at Companies House, administrators CG&Co have said it is “likely” that a further extension will be required, based on the present information.
Read more: FundingSecure administrators recover £23.5m as fee dispute continues
The report, published on 27 May, showed gross loan realisations between 23 October 2024 and 22 April 2025 amounted to £947,792.56, while total gross loan realisations to date were £53,696,023.92.
There were two remaining viable defaulted loans with total outstanding capital of £892,000 – considerably lower than a report published last October, which showed 52 remaining defaulted loans worth over £10m.
Read more: FundingSecure investor payments remain suspended
FundingSecure’s loan book stood at £80m when it went into administration in 2019, representing approximately 486 loans from around 3,500 investors.
Since it went into administration, it has racked up administrators’ fees of £981,283.29, plus VAT. Investor withdrawals now total £34,258,219.97 to date.
