Bridging Finance’s receiver pegs investor losses at a minimum of $580-million

Bridging Finance Inc.’s investors are expected to lose at least $580-million, according to lender’s court-appointed receiver, marking the first official writeoff estimate for the private loan portfolio.

PwC has also cautioned that investor losses could rise. The receiver is currently conducting a sale process for the private lender, and final bids will determine the extent of the losses. The receiver noted in a new report to Bridging unitholders that “the total overall loss may ultimately be greater than the [estimate].”

Bridging’s funds brought in assets from 26,000 investors, the vast majority of whom are retail buyers. PwC is still trying to salvage what it can from the troubled loan portfolio, but the process has been a challenge because the receiver has already discovered that Bridging’s largest loan is likely worth a fraction of its book value. A final loss figure is expected early in the New Year, the received wrote.

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