We want to assure you that every effort is being made to restore the smooth operation of operator “First Finance” as soon as possible.
Operator First Finance:
First Finance has submitted a preliminary financial report for 2020, which is part of the overall audit. Audit is still live, due to large First Finance portfolio, this is just partial information. <DOWNLOAD REPORT>
In the presented report, First Finance's assets and receivable sums as at 31st of December 2020 are 8,08 million Eur (future receivable interests and interest on arrears not valued).
Operator First Finance has a loan portfolio of 9.66 million Eur.
“First Finance's” portfolio on the “Lenndy’s” platform is currently: 7,2 million Eur (defaulted loans included), of which the BuyBack guarantee loans are 5,3 million. Eur. According to the preliminary audit findings, the write-off of First Finance's portfolio by the end of the year is likely to reach 1,7 million. Eur. The audit process includes an analysis of a very large loan portfolio, the reasonableness of the value of the assets, the valuation of receivable sums and the business model, so the final audit findings are expected by the end of February.
“First Finance” still has insufficient cash flow to meet Buy Back liabilities on time. During the last 3 months, the operator has redeemed from the investors' claim rights for 490,000 Eur. According to the analysis of the operator's receivables, payments to “Lenndy” platform will expand in February. Although investors are facing an extension of the loan maturity, all interest due is calculated further and all investors will be settled.
Secondary market launch.
As of 1st of February, “Lenndy” platform launches a secondary market in which investors will be able to sell their investments, even late loans.
We apologize for the inconvenience caused during this time and want to say a big THANK YOU from “Lenndy’s” teams for your patience.
All inquiries and questions from investors are accepted by email: email@example.com
Due to high flow of emails, specialists respond time might be extended to 12 hours.