Rebuildingsociety reports strong August and ‘below average’ September
Rebuildingsociety said that it achieved an above average month in terms of lender profit and platform net return in August, followed by a below average performance in September.
The peer-to-peer business lending platform said that it did not fund any new loans in August, but it received £42,934 in capital repayments and £28,797 in interest payments, as well as recovering £3,948 from defaulted loans.
Read more: Rebuildingsociety achieved 2020 profit despite CBILS competition
This resulted in an “above average month”, with an overall profit of £22,050 for investors or an annualised return rate of 13.55 per cent.
However, the platform said this was followed by a “below average” performance in September in terms of lender profit and platform net return.
Rebuildingsociety said in September it funded one new loan to reach 278 since inception, bringing its cumulative lending to £15.83m.
Read more: Rebuildingsociety approved for Kickstarter programme
In September, the platform had one new defaulted loan, received £47,500 in capital repayments and £27,145 in interest payments. No funds were recovered from default.
This led to an overall profit of £5,945 for lenders or an annualised return rate of -3.68 per cent which Rebuildingsociety said was below average.
Read more: Rebuildingsociety appoints two new directors and board adviser
“As a team we work hard to keep in contact with our borrowers, establish how the current economic situation impacts their business, and where possible offer assistance,” Rebuildingsociety said in a blog on its website.
“This assistance may include short repayment holidays or interest-only repayments. Amendments such as these to existing repayment schedules are only granted where a borrower specifically requests assistance and complies with our requirements.
“We’ve also been actively assisting businesses to gain access to the numerous government initiatives to support UK businesses.
“As a platform we are continuing to lend but have significantly amended our credit risk processes to account for the current risks affecting businesses.”