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.
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:
- Home furnishing retailer needs a £50,000 loan
- Kitchen retailer is looking for a £160,0000 loan
- West London delicatessen requires a £35,000 loan
- Supplier to garden centres is looking for a £90,000 loan
- Supplier of interiors for retail shops requires a £100,000 loan
- Poncho maker needs a £53,000 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: 11-Nov represents the week of 11th- 17th November.
Weekly average gross yield (2 weeks rolling)
Number of listed loans per week
Listed loan value per week
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.
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