Weekly Lending Review: week 37
Week 37: 9 – 15 September 2013
Last week, the majority of loan requests were from businesses located in the Midlands and the most common loan size was £100,000. There were a variety of businesses listed on the marketplace including an award-winning culinary school and a sports clothing retailer.
There were 49 new business loans listed last week and there are currently 34 auctions on the marketplace.
The total value of the new listed loans was £3,040,900; that’s an average of £62,059 per loan. The largest loan value was £150,000 and the smallest loan value was £10,000.
Business loans still available for bidding on for the next 3 days or more:
- Owner of 3 central London bars is looking for a £50,000 loan
- Birmingham-based care home needs £100,000 for refurbishment
- Call handling provider requires a £69,000 loan
- Project management company needs a £75,000 loan
- Cloud brokering solutions provider is looking for a £95,000 loan
- Holiday lodge operator requires a £60,000 loan
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: 9-Sep represents the week of 9th – 15th September.
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 second review is a 0.1% increase in the A, B and C risk bands. The new rates will come into effect for loan requests listed after 9am on Tuesday 1st October. The new rates are as follows:
A+: 6% (no change)
A: 7.3% (+0.1%)
B: 8.3% (+0.1%)
C: 9.3% (+0.1%)
C-: 11.5% (no change)
News you should know
Did you help an adventure experience company buy a new engine for a jet boat? Take a look at the new boat in action in this picture story told by Simeon Penn, director of Saber Powersports.
Have you seen the new Funding Circle blog? Be sure to subscribe to it with your email address to get regular updates: https://www.fundingcircle.com/blog/.
Loans defaulted last week
No loans were defaulted last week.
Enjoy lending, The Funding Circle Team