The lender says market conditions have driven up the cost of funding to such an extent that it is not currently possible to continue lending.
It says it has the continued support of its investor and will continue to work together to source lower cost funding so that it can resume lending as quickly as possible.
Base says it will work together with its partners to complete the cases currently under offer.
NACFB chief executive Adam Tyler says: “It’s a real shame to hear that Base is having problems, but it’s also good to hear that they have decided to take early action which allows them to honour their existing pipeline of business. This means that any broker, who has managed to secure an offer for their client, won’t have the rug pulled from under them.”
“Base had recently restricted their distribution to selected brokers and NACFB members which means that hopefully any impact on application business will be minimal.
“As ever, if any NACFB member needs a pointer as to where to place any cases they can contact the Exeter office who can help. I would like to wish Base every success with their plans and look forward to welcoming them back to the market very soon.”