First development loan funds in less than 24 hours. Weekly Lending Review
Week 20: 12 – 18 May 2014
We were delighted to see our first formalised property development loan listed on the marketplace last week, which will be used to build eight 3 bedroom houses in Ramsgate, Kent. The loan for £400,500 funded in less than 24 hours and is the first tranche of funding needed to complete the project. Keep your eyes on the marketplace this week as we have another property development loan coming soon.
As well as this, we saw a further 87 businesses come onto the marketplace, which totalled over £5 million of new lending opportunities.
There were 88 new business loans listed last week and there are currently 53 auctions on the marketplace.
The total value of the new listed loans was £5,389,540; that’s an average of £61,245 per loan. The largest loan value was £400,500 and the smallest loan value was £5,000.
Business loans still available for bidding on for the next 3 days or more:
- Children’s care provider needs a £105,000 loan
- Driving school is looking for a £30,000 loan
- Free range egg producer seeks a £110,000 loan
- Cloud infrastructure provider needs a £120,000 loan
- Microbiological manufacturer is looking for a £75,000 loan
- Refrigeration business requires an £80,000 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 of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans and value of loans are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 12-May represents the week of 12th – 18th May.
Weekly average gross yield (2 weeks rolling)
Number of listed loans per week
Listed loan value per week
Did you help a small Scottish business with their marketing?
In our latest business story we’re with Don Dennis, in the Inner Hebrides. He runs The Flower Essence Repertoire who manufacture and export a range of flower essences. You can listen to his business story which includes a special message to those who lent to him in this short video.
Recommend a friend and share £80
If you recommend a friend to Funding Circle and they lend at least £1,000 to our great British businesses, you could each have £40 cashback* paid into your Funding Circle accounts!
Loans defaulted last week
Halal meat supplier. Loan ID 2048
This Oxford business has been trading since 2006 and has fallen into arrears with repayments. The original loan amount was £50,000 and all 620 investors have been notified.
Industrial cleaning company. Loan ID 2603
This Ipswich business has been trading since 2006 and we have received notice of liquidation. The original loan amount was £30,000 and all 363 investors have been notified.
Training providers. Loan ID 1373
This business employs and trains domestic care workers and has been trading since 2001. They have fallen behind with their repayments. The original loan amount was £40,000 and all 557 investors have been notified.
Garden furniture wholesaler. Loan ID 974
This Newcastle business has been trading since 2008 and has failed to maintain timely, full repayments. The original loan amount was £35,000 and all 278 investors have been notified.
Our collections and recoveries team are working to recover the outstanding amounts for all of these loans.
Enjoy lending, The Funding Circle Team
Investment through Funding Circle involves lending to small and medium sized businesses, so your investment can go down as well as up. Remember, past returns are not necessarily a guide to future returns.