Go back Wed, 2020-12-30

Dear Investors,

One of Lenndy's operators FirstFinance faces a shortage of working capital, so currently the BuyBack guarantee is not being executed on time and loans are late up to 15 days.

The main reason is the recovery and realization of the property in the market, which is especially difficult due to the COVID-19 and the holiday period. Loan recovery is also not getting better. FirstFinance is making payments to Lenndy and payments to investors are being made, but not enought to be in line with Buyback guarantees. The operator itself says that cash flow will recover in 1Q 2021 and all liabilities will be covered, and Firstfinance plans to issue bonds, thus improving the working capital shortfall.

Lenndy's actions:

  1. FirstFinance's new loan uploading to Lenndy platform is currently suspended.
  2. The audit of FirstFinance will start on 01.01.2021 with a purpose of the audit to assess all available assets and cash flows.
  3. Inform investors about all actions taken and payments made.