In October, investors invested a total of €2.20M in agricultural projects through HeavyFinance.
€1.75M was paid out to the farmers “with the capital spread across 48 different loans.”
In total, €44.72M was “issued to the farmers until the end of October 2023.”
The repayment volume is “increasing on a YOY basis and the HeavyFinance investor community is being rewarded in the form of interest and delayed interest.”
To date, the principal of €16.83M has already “been repaid to investors with 4.23M EUR in interest and 646K in delayed interest.” During October their investors “received €1.23M in repayments – €921K principal, €209K interest, and 100K in delay interest. €100K of repayments are scheduled for November.”
As of now, based on the repayment schedule, 74.8% of loans “are being paid on time or have already been repaid.”
Meanwhile, loans with “a principal overdue by more than 90 days amount to €5.90M representing 13.2% of the total issued amount.”
As of the time of writing, 80.8% of the payments have “either been made within the last 30 days or have already been fully settled.”
During Q1 of 2021, €1.16M of loans were funded, of “which €876K has already been repaid along with €186K of interest. €82K is being paid on time, €53K is overdue for less than 90 days and €147K is overdue for over 90 days. (If at least 1 installment is overdue, we treat the whole principal amount as being late).”
Fully repaid loans in October
During October, 35 loans were fully “repaid to the HeavyFinance investors. The loans listed below generated an average of 13.08% factual return rate.”
The highest return rate “reached 17.42% while the lowest return rate was 10.18%.”
A total amount of €597K “was issued, with €115K interest and €2K delay interest received by investors for the fully repaid loans in October.”
One terminated loan was fully repaid in October 2023.
BG0000833 terminated on 2023-07-10.
The loan agreement was secured “with the personal debtor’s liability. The debtor failed to make a payment for the period of 2023-04-14.”
Consequently, HeavyFinance initiated debt recovery actions, “sent official notices, and eventually terminated the loan agreement on July 10, 2023.”
After the loan agreement was terminated, the debtor “settled all the loans herself and covered them in two payments.”
During October 2023, €133.7K was “recovered from defaulted loans (loans, where the contract with the borrower is terminated and a hard recovery process was initiated) and distributed to investors.”
The total recovered funds from defaulted loans “amount to €1.5M.”
The firm said we are “entering the period where farmers are receiving payments from the harvest, so an increase in repayments is expected throughout this quarter.”