Despite the summer vacation period our borrowers and investors have been incredibly active. Our platform saw nearly €8,0M worth of issued loans in July (with a total of €11 million in investments made) and the strong demand is continuing into August.
July was one of the highest months for repayments on our platform. To be specific, borrowers paid back 55 loans in the amount of €7,8 million. The return of repaid loans amounted to 11,6%. EstateGuru’s investors have earned a total amount of €17,0 million since 2014.
July saw no significant changes in the amount of defaulted loans. Small recoveries occurred in Latvia (partial repayments) and we put five loans into default (in Estonia and in Latvia worth a total of €0,4 m). We had two successful auctions and we should receive the funds in August-September, and another two defaulted loans were voluntarily repaid by the debtor. Also, we expect at least two other loans to be recovered in August.
Our new internal debt collector started in August. We signed one contract with a Finnish debt collection agency and are now looking for cooperation possibilities in Lithuania regarding late and defaulted loans. In Latvia, the cooperation with our debt collection agency has thus far been successful.
We will keep you informed about the credit portfolio quality on a monthly basis.