By Oliver Smith on Monday 21 October 2019
Property-backed lending platform EstateGuru has also hired a new data science team.
Nordic marketplace lender EstateGuru has financed €153m property-backed loans since 2014, the platform announced today.
Of the 1,040 loans it has facilitated, over 68% of its borrowers were based in Estonia, 17.9% were in Latvia and 12.2% in Lithuania, with Finland, Portugal and Spain comprising the remainder.
We’re witnessing an increased inflow of loan requests from Spain, Finland, Portugal and Italy,” said EstateGuru’s head of group sales Daniil Aal on the news.
“It’s a global trend that traditional banking is becoming more and more localized due to AML and KYC procedures, as it’s very expensive for them to handle those procedures cross-border.”
Last week EstateGuru launched its secondary market, letting its 27,000 investors trade existing loans subject before reaching their average 10.4 month term at a 2% service charge by the platform.
At the same time the company revealed it has recruited a data science team within its risk department to integrate more external data, including borrower and real estate data, with plans to launch bespoke credit scoring and lead generation.