In September we continued on our record path and our sales volumes reached €10,2M. We also foresee a healthy demand from borrowers and investors for our product in October.
Repayments amounted to nearly €8,0M and we didn’t experience any problems with loans which reached maturity – borrowers have found a solution to repay (refinancing, sale of collateral etc.) in most of the cases. Overall, our borrowers paid back 68 loans and the return of repaid loans was 11,3%.
Our defaulted loan portfolio increased in September as some of the long-term borrowers in Latvia and Estonia who were late didn’t fulfill their promises. Consequently, we have initiated the loan contract termination processes and will start the enforcement proceedings (sale through auction). We recovered €0,5M worth of loans in Estonia and Latvia. The same monthly volume is expected in the coming months.
We will keep you informed about the credit portfolio quality on a monthly basis.