£13.7 million lent in January & rates of 15%. Weekly Lending Review: week 5

Week 5: 27 January – 2 February 2014

It was another bumper week at Funding Circle with more than £5.9 million worth of new loans available for you to lend to, contributing to £11 million of lending opportunities over the past two weeks. The majority of loans were for businesses in the retail sector and the South East of England had the most loans.

Investors have also secured rates of 15%, 14.6% and 13.8%* in loans accepted over the past week in the A, B and C risk bands respectively, so it’s a great time to be lending!

New loans

There were 91 new business loans listed last week and there are currently 79 auctions on the marketplace.

The total value of the new listed loans was £5,927,520; that’s an average of £65,138 per loan. The largest loan value was £210,000 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: 27-Jan represents the week of 27th January – 2nd February.

Weekly average gross yield (2 weeks rolling)

yield

Number of listed loans per week

number

Listed loan value per week

value

News you should know

We’ve spent another 5 minutes meeting members of the Funding Circle team, and in this installment we’re with the Credit Assessment team. You can read about the backgrounds of each team member, what they do outside of Funding Circle and what they consider to be the highs and lows of their job.

Your lending totalled £13.7 million in January alone, as 258 loans made their way to businesses across the UK.

Community Discussions

This week we’re talking about adding premiums to loan parts. You can join the discussion on our community forum.

Loans defaulted last week

York public house. Loan ID 367

This business ran a public house and B&B in York and was established in 2001. The business went into administration last year and has failed to maintain repayments. The original loan amount was £20,000 and all 174 investors have been notified.

Food importer. Loan ID 1983

This Buckinghamshire business has been trading since 1997 and has failed to keep up with repayments. The original loan amount was £100,000 and all 1,026 investors have been notified.

Roofing company. Loan ID 2058

This Walsall business has been trading for 7 years and failed to maintain repayments.  The original loan amount was £70,000 and all 794 investors have been notified.

Construction company. Loan ID 2419

This Southport business has been trading since 2008 and went into liquidation last year. The original loan amount was £70,000 and all 713 investors have been notified.

Our insolvency team are working to recover the outstanding amounts for all of these loans.

Enjoy lending, The Funding Circle Team

* Successful bids in loans accepted between 27/01/2014 and 02/02/2014. For more information please see our statistics page.

 

Jack Pritchett

Senior Communications Manager