Almost 800 loans with a loan value of c£4million have matured or repaid on the Unbolted platform to date, and we are pleased to report that there has been no loss of capital on any loan so far. Please see below summarised default and recovery statistics by loan type.
Gold loans
To date, 233 loans with a loan value in excess of £1million have been repaid on the platform (including renewals) and 12 loans with a value of £50,000 have defaulted, a default rate of less than 5%. Recovery has been completed on all 12 loans and lenders have received full principal and interest on all the loans.
There has been no claim made to the Gold Trust so far, as gold prices have held steady during the tenure of these defaulted loans. If in the future gold prices do drop, the derivatives we purchase in the Trust will pay out and we will make a claim against the Trust for any shortfall in principal or interest.
Provision Trust loans
To date, 469 loans with a loan value in excess of £1.5million have been repaid on the platform. The default rate on Provision Trust loans stands at 8% by value (£138,000) and 13% by volume (69 loans). Of the 69 loans, recovery has been completed on 62 loans and the remaining are in progress.
Of the 62 recovered loans;
On 40 loans with a value of £98,000 - the sale proceeds were sufficient to cover full principal and interest due to lenders
On 9 loans, the sale proceeds exceeded the loan principal but did not cover the full interest due.
On another 9 loans, the sale proceeds fell short of the loan principal and a claim was made on the Provision Trust. On all such loans, we refunded any fees that we received on the loan.
On 4 loans where there had been some form of operational error, we topped up the sale proceeds from our own fees.
Non protected loans
10 loans with a loan value of £1million+ have been repaid on the platform and there has been no default so far.
Full loan tape and statistics
We aim to publish the full loan tape, including loan level default and recovery statistics, in the near future.
Thank you for your continued patronage.
Team Unbolted