Weekly Lending Review: week 33
Week 33: 12 – 18 August 2013
There were nearly £3.5 million worth of new lending opportunities on the marketplace last week and the majority of loans were allocated to the C risk band. 11 of the new loans were in the property and construction sector and most businesses were located in the South East.
There were 46 new business loans listed last week and there are currently 28 auctions on the marketplace.
The total value of the new listed loans was £3,472,300; that’s an average of £75,485 per loan. The largest loan value was £235,000 and the smallest loan value was £10,000.
Business loans still available for bidding on for the next 3 days or more:
Weekly marketplace trends
These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average. Number of loans, value of loans and secondary market are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 12-Aug represents the week of 12th – 18th August.
Weekly average gross yield (2 weeks rolling)
Number of listed loans per week
Listed loan value per week
Change to minimum bid rates
We committed to a monthly review of the minimum bid rates, with two weeks’ notice before they are adjusted. A number of factors were considered when reviewing the rates, including general economic conditions and costs of alternative borrowing products. The outcome of the first review is a 0.2% increase in the A, B and C risk bands. The new rates will come into effect for loan requests listed after 9am on Monday 2nd September. The new rates are as follows:
A+: 6% (no change)
A: 7.2% (+0.2%)
B: 8.2% (+0.2%)
C: 9.2% (+0.2%)
C-: 11.5% (no change)
News you should know
Following feedback from you, our investor community, we have improved the information provided in the loan book which can be downloaded from the statistics page.
For our latest success story video we visited Saber Powersports in Southampton; a powerboating company who borrowed £20k to buy a new engine for one of their jet boats in May. You can watch the video, packed with action shots from the boat on our blog.
Have you seen the new Funding Circle blog? Be sure to subscribe to the blog with your email address to get regular updates: https://www.fundingcircle.com/blog/.
Loans defaulted last week
No loans were defaulted.
You can read last week’s Weekly Lending Review here.
Enjoy lending, The Funding Circle team