PeerBerry’s business partner – real estate developer SIB Group – successfully “closed the residential building project ‘Talino'” in Vilnius, the capital of Lithuania.
The real estate loan of €1 million, plus an interest rate of €74,490 (total amount of EUR 1 074 490) was reportedly “repaid to PeerBerry investors on May 7, 2022.”
The team has thanked everyone who “contributed to the implementation of the project ‘Talino’.”
In another recent update from the company, it was confirmed that PeerBerry business partners “are repaying EUR 1,4 million on war-affected Ukrainian and Russian loans.”
After the repayment, the total repaid amount of war-affected loans (since the war started) “is EUR 13,84 million, which is 27,6% of the total war-affected obligations towards PeerBerry investors.”
As mentioned in a blog post, Ukrainian and Russian lenders’ total obligations towards PeerBerry investors “before the war was EUR 50,22 million.”
After these recent repayments, Aventus Group in Ukraine obligations towards investors “amount to EUR 10,89 million, in Russia – EUR 17,11 million.”
Gofingo Group in Ukraine obligations towards PeerBerry investors “amount to EUR 8,37 million.”
To review the progress of repayments of war-affected loans (to see the total repaid amount, and the amount of remaining war-affected obligations), you also can on their “Statistics” page on their website.
As noted in the update, important to know about war-affected loans repayments:
- Aventus Group and Gofingo Group will gradually repay war-affected loans monthly (not quarterly as planned at the beginning of the war).
- Repayments of the war-affected AutoMoney UA and Slon Credit UA loans have been restored in April to be repaid under the initial loan schedule. Keep in mind, that only the principal amount will be repaid under the loan schedule as the accrued interest rate will be repaid at the very end of the schedule.
- Aventus Group real estate loan and Gofingo Group business loan will be gradually repaid monthly under the war-affected loans repayment plan following the proportionality method.
- Ukrainian and Russian short-term loans will be gradually repaid monthly under the war-affected loans repayment plan following the proportionality method.
- The proportionality method means that during each partial repayment of war-affected loans, each investor receives a certain share of their investments. The higher the amount of investments in UA/RU loans, the higher the amount of the repayment. The aim is to gradually repay part of UA/RU investments to all investors.
- All the interest rates accrued for the war-affected loans will be paid at the very end of the repayment. I.e., invested funds will be gradually repaid, and after all the invested principal amount is repaid, the accrued interest repayment will follow.
As noted in the update, the team wants “to remind you that interest rates on war-affected loans will be calculated for a limited period.”
Interest rates for short-term loans will be “calculated for the initial loan term plus 60 days of the delay (after 60 days, no interest will be accrued/paid).”
Interest rates for long-term loans will be “calculated for the term till the nearest scheduled payment (under the loan schedule) after suspension (March 15) plus 30 days.”
Should the business in Russia continue to keep a positive development trend, the RUB exchange rate “will be stable, and there will be normal conditions to convert RUB to EUR, Aventus Group may consider a compensation mechanism of interest rates for delays longer than 60 days.”
Until no transfers of funds are available from the Ukrainian and Russian markets, PeerBerry’s business partners “will use a part of its profits to gradually repay war-affected loans.”
The conservatively planned repayment period “to repay war-affected loans is 24 months.”
After transfers of funds from Russia and Ukraine are possible and depending on the overall Group’s profitability, “this period may decrease.”
While crisis management was the main priority in March, April “brought clarity and stability to both PeerBerry’s business partners’ activities and PeerBerry’s daily operations.”
Proper management of the crisis “led PeerBerry to growth and positive balance in April.”
Last month, PeerBerry investors “funded a 37,6% higher amount on new loans than in March. A higher number of new investors joined PeerBerry in April, compared to March.”
For more details on this update, check here.