PKF were appointed as the administrators and an agreement was reached to assign its loan book, enabling all secured debt to be discharged. In addition, Juniper Property Finance bought the remaining business and assets of Mathon as soon as PKF were appointed. This meant that the remaining employees of Mathon kept their jobs.
Following the announcement, Blemain Group has offered a helping hand to brokers caught short by their withdrawal from the market. Speaking on behalf of Blemain Group, director, Gary Bailey, said: “We are sorry to hear the news that Mathon Finance has gone into administration. This shows the market conditions continue to affect lenders – now in the bridging finance market. Having built a reputation over 35 years for innovative products and comprehensive criteria we are in an ideal position to fill the gap left by Mathon’s withdrawal. We still have a good appetite for new lending and can consider clients with arrears and CCJs.
“We offer bridging finance, secured as a first or second charge, on commercial, Buy to Let, semi-commercial and residential properties. Many income sources, property types and status profiles are catered for. We will be happy to assist any brokers who encounter difficulties sourcing appropriate bridging finance facilities as a result of Mathon’s withdrawal.”
