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 July 2020, EstateGuru investors financed almost €8M worth of loans, a small increment when compared to the €7,6M funded in June.
During the month, EstateGuru borrowers paid back €7,8M worth of loan principals and the rate of loans repaid (fully repaid) in July 2020 was 11,6%. The track record of EstateGuru remains impressive with a total amount of €17M in investors earning since 2014.
Volume of Defaulted Loans
The amount of defaulted loans remained below €5,5M. Small recoveries occurred in Latvia (partial repayments) and five loans were marked as defaulted (in Estonia and in Latvia worth a total of €400K). July achieved two successful auctions being expected funds in August-September, with other two defaulted loans voluntarily repaying their debts. The platform objective is to keep the default rate below 10% and a steady recovery process of the defaulted loans.
EstateGuru Track Record
New Debt Collection Process
The new Estateguru internal debt collector started working in August. A contract with a Finnish debt collection agency was signed and Estateguru is looking for cooperation oportunities in Lithuania regarding late and defaulted loans. In Latvia, the current cooperation with the debt collection agency has thus far been successful.
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