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An Update On Sourced Capital
Sourced Capital has been incredibly busy for a couple of years, so we've had no opportunity to get an update from them for a long time.
At last, we've just had a chance to get an update on a little bit of the information that's key to an ongoing assessment of risks.
Here it is, presented to you in a simplified Q&A format:
How many unique borrowers (not loans) have you had with one or more fully funded loan?
43 different borrowers (including seven loans prior to launching as a P2P lending service).
How many loans have you fully funded now?
50 different loans.
How many of those loans were paid off by refinancing onto another Sourced Capital loan?
That question is important as part of an overall assessment into whether a P2P lending company might quietly be kicking bad debts down the road.
How many of the loans are now repaid in full?
33 loans repaid in full.
How many of your loans have passed their initial planned repayment date?
We have six loans past their initially planned repayment date.
How many loans had COVID-19 forbearance of any kind (extensions, reduced rates or whatever) and how many of those continue to have forbearance?
14 loans had forbearance as a result of COVID. All extensions of term, with no additional debt requirement. Four of those are still active loans.
Including those with forbearance, how many loans are now 90-179 days past the initial planned term and how many are 180+ days past?
90 – 179 Days: 1
180 Days+: 0
We've not yet had a chance to talk to Sourced Capital to understand why just one loan is showing as past initial term when four active loans were extended for COVID-19 forbearance…Even so, whether it's one or four it's not many loans with potential issues.
How many loans have ever fallen 14 days or more overdue without an agreed extension?
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