Rebuildingsociety lenders record profit in September
Rebuildingsociety has reported a net profit of £21,859 for lenders in September, recovering from a loss of £43,795 in August.
The platform received nearly £750,000 in capital repayments in September. That combined with £31,000 in interest payments on public loans and £1,900 recovered from defaults has led to a net profit for the month.
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The peer-to-peer lendeing platform said September was above average in terms of lender profit and platform net return, which registered an annualised rate of 12.44 per cent.
The net return per year currently sits at 5.95 per cent per year through the lifetime of the company.
In an update on its website, Rebuildingsociety said it did not add any new public loans to the platform in September. Since inception in 2012, the firm has funded a total of 291 public loans.
The total amount it has loaned to small and medium businesses stands at £16.8m.
In September the platform had no new defaults and no new refactors of public loans, however, capital still out on all loans totals £2.1m, 11.20 per cent of which is currently in default.
Read more: Rebuildingsociety returns reached 13.82pc in July
While the platform is continuing to lend, it said that it has significantly amended its credit risk processes to account for the current risks affecting businesses.
“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,” said Rebuildingsociety in a blog post 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.”
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