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Post by rebsrep on Apr 15, 2016 10:43:23 GMT
Just a quick update.
There are currently 11 loans at the final stage of awaiting signature/decision from the potential borrower, of those 5 have Debenture and or a 2nd Charge, so we do have loans with higher levels of security coming after our recent run of defaults. We currently reject roughly 80% of all applications. The average time to appear on the platform after we send out final papers for a decision is 9 days. So expect a handful to appear in the next 2 weeks. One of them we're quite excited about because it's an old borrower returning to us, they fully repaid their previous loan from us and had a good payment history, so we're hoping it will be popular with our longstanding lenders.
We've also been analysing the loans that have defaulted (ignoring risk grade for the purposes of this specific point) and where there is a security level higher ranked than a PG the actual defaults have been much lower.
I'm told there is also a blog post in the pipeline analysing our statistics so when that is published I'll post a link here to it.
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