You're reading the July 2024 edition of LANDE's Platform Performance Report, which we publish monthly to highlight our progress in loan issuance and debt collection and provide insight into other platform or team developments. 

The total amount issued to farmers on the LANDE platform in July 2024 was €775,050 across 31 projects (avg. project value €25,001). The breakdown by country is as follows:  

129 new investors registered on the LANDE Platform in July. 

LANDE investors earned a total of €118,260 in interest in July, getting to an all-time total of €1.7 million.  

The Investor Relations team reported a stable number of customer support tickets submitted in July compared to the previous month, with no significant issues generating complaints and/or clarifications. 

As for technical platform updates, alongside overall improvements to platform reliability and stability, the IT team has implemented new project filters on the Primary Market – similar to those implemented in June on the Secondary Market –, to make it easier for investors to select their preferred project categories by criteria such as country, LTV, term, interest rate, repayment schedule, etc., as well as a filter to exclude projects where the user has already made investments.   

Don't forget that the Summer Boost Cashback Campaign will end on August 31st. If you want to access higher cashback bonuses for single investments above €500, you need to act soon! 

Loan repayments  

Upon a mid-August snapshot, out of a total of 1,093 projects funded through the LANDE platform, 480 had been repaid in full while 613 were active, with their repayment status detailed below:   

In Latvia, 7 loans were fully repaid in July. 15 clients are scheduled to make final payments in August. 

In Lithuania, 3 clients made final repayments in July, and 3 clients are scheduled to finalize the repayment process in August. 

In Romania, 1 client made final repayments in July. One project is scheduled for final repayments in August.  

Repaid principal totalled €447,727 in July, while the all-time total has reached €9.39 million.  

More real-time portfolio data can be found on our statistics page.  

Collateral quality  

LANDE credit teams on all our markets have continued to focus on selecting low-risk clients that can provide high-quality collateral, with land/property and machinery being prioritized over higher risk categories like cattle, harvests or financial collateral – as these tend to be more unpredictable and more difficult to evaluate.  

The share of loans issued in July that were backed by either land/property or machinery in each market was the following: Romania 87%; Lithuania 83%; Latvia 83%. 

Debt collection  

A total of 63 projects are currently in default (5.7%) across LANDE markets, after all soft recovery processes were exhausted by our debt collection teams. 

Of all defaulted projects, 48 are currently in the most advanced stages of legal and recovery proceedings (with either peaceful settlements or final court decision for enforcement issued). 42 are undergoing enforcement by bailiffs, who are seizing the sellable assets and organizing auctions. The duration of recovery of assets by bailiffs will vary by market and case particularities. 

Debt collection highlights by market 

Latvia: 

Romania:  

Agricultural market has been affected by extended draught and extreme temperatures. 

The local LANDE team has received its first favourable court decision, which requires the borrower to pay the whole amount of the outstanding debt (approximately €10,000). 

Lithuania:  

Lithuanian farmers are generally more optimistic about the current season and many believe it's likely they'll be able to make early repayments. 

The local team has managed to recover a full defaulted loan – project reference 230130-903611, following the successful sale of a pledged asset. They have also noticed a decline in the overall number of payment delay days.