The Latvian P2P lending marketplace Mintos announced its both its expansion and new offering of P2P loans, secured by cars as collateral to borrowers in Lithuania, the third country Mintos operates in addition to Latvia and Estonia. Mintos is open to international investors from Europe. The platform’s website currently counts 1,200 registered investors from 26 countries, noting that Mintos has funded € 1 981 053 in loans secured against € 5 382 482 of property.
The car loans in Lithuania are originated in cooperation with Mogo, a partnership Mintos already established in Estonia, where they together funded 250 car loans for a total of 300K EUR. When investing in secured car loans investors enter in a direct contract with a borrower, similar to real estate backed loans the contract with respective borrower is transferred from Mogo to investor based on assignment. According to assignment agreement, part of the interest that borrowers pay is not assigned to investors and remains with Mogo to compensate it for loan origination and servicing.
“I checked the loan listings – there are currently 9 Lithuanian loans secrued by cars listed with nominal interest rates in the range from 8 to 15% and loan terms of 6 to 71 month,” averred P2P-Banking guru Claus Lehmann posted. “Earlier this month Mintos waived service fees for investors – only a fee for those selling on the secondary market remains.”
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