This update shows the steady recovery of EstateGuru, after the initial COVID-19 impact. Loan applications have growth as well as the amount of funds made available by investors.
Volume of Financed Loans
During June 2020, EstateGuru investors financed €7,6M worth of loans, a significant grow when compared to the €4,7M funded in May.
During the month, EstateGuru borrowers paid back €7,5M worth of loan principals and the rate of loans repaid (fully repaid) in May 2020 was 11,1%. The track record of EstateGuru remains impressive with a total amount of €16M in investors earning since 2014.
Volume of Defaulted Loans
The amount of defaulted loans remained below €5,5M. EstateGuru was able to recover 1 defaulted loan and some partial ones. A new project was marked as defaulted, with the collection process starting immediately. The platform objective is to keep the default rate below 10% and a steady recovery process of the defaulted loans.
EstateGuru Track Record
Getting Back to Pre-Covid Volumes
The positive trend from May shows the quick recovery of EstateGuru to almost pre-COVID loan volumes. The demand for new loans increased and the funds available to lend also increased. The result is lower interest rates, when compared to previous months, and an indication that the bottom of the crisis has been passed and real estate market sentiment is improving.