Rebuildingsociety focuses on recoveries in slow month
Rebuildingsociety received £120,469 in capital repayments last month and recovered £61,186, but did not put any new loans up on its primary market.
The peer-to-peer business lending platform said it received £28,718 in interest payments, however the month was “below average in terms of lender profit and platform net return”, with two new defaults.
Rebuildingsociety added it has £1.8m in total capital still out on all loans and of this 19.11 per cent is in default. It has lent £16m to small- and medium-sized enterprises in total since its inception.
Read more: Rebuildingsociety resumed lending in December
Read more: Rebuildingsociety calls for more FCA collaboration amid AR lending ban
“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.”
Read more: Rebuildingsociety urges FCA not to block retail access to P2P