Update to minimum bid rates and nearly 100 new loans. Weekly Lending Review: week 46

Week 46: 11 – 17 November 2013

It was the best week ever for the number and value of lending opportunities available to you: 98 business loans totalling £5.5 million were listed on the marketplace. The majority of loan applications came from London and the South East, and the most common loan purpose was for expansion and growth capital.

New loans

There were 98 new business loans listed last week and there are currently 60 auctions on the marketplace.

The total value of the new listed loans was £5,492,500; that’s an average of £56,046 per loan. The largest loan value was £160,000 and the smallest loan value was £5,000.

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: 11-Nov represents the week of 11th- 17th November.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

Update to minimum bid rates

We review the minimum bid rates in the middle of every month to decide whether they should be changed or kept the same. This month, the decision has been made to increase rates by 0.1% on the A, B and C risk bands. The new rates will come into effect for loan requests listed after 9am on Monday 2nd December. The new rates are as follows:

A+: 6% (no change)

A: 7.6% (+0.1%)

B: 8.6% (+ 0.1%)

C: 9.6% (+ 0.1%)

C-: 11.5% (no change)

News you should know

We updated our terms and conditions last week, to give us more flexibility when dealing with loans that are behind with their repayments.

Lakeland Picnic borrowed through the marketplace in September and we visited them in the Lake District where they make their delicious homemade burgers. We put together a picture story of their business story including a special message to the people who lent them money.

Community Discussions

This week we’re talking about tax on interest earned. You can join the discussion on our community forum.

Loans defaulted last week

Software development company. Loan 127

This Loughborough business has been trading since 2008 but failed to keep up with repayments and is now in liquidation. The original loan amount was £35,000 and all 319 investors have been notified.

Enjoy lending, The Funding Circle Team

 

Jack Pritchett

Senior Communications Manager

 

One thought on “Update to minimum bid rates and nearly 100 new loans. Weekly Lending Review: week 46

  1. Great
    post! Thanks for sharing this! Very informative. I’m sure this is very
    helpful for other people too who are into Payment processing programs.

Comments are closed.