You're reading the May 2024 edition of LANDE's Platform Performance Report, which we publish monthly to highlight our progress in loan issuance and debt collection and provide updates on other internal developments. 

The total amount issued to farmers on the LANDE platform in May 2024 was €973,135 across 26 projects (avg. project value €37,428). The breakdown by country is as follows:  

130 new investors registered on the LANDE Platform in May. 

LANDE investors earned a total of €96,396 in interest in May, getting to an all-time total of €1.51 million.  

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

In technical news, LANDE's Advanced auto-invest function received a major upgrade at the end of May, giving investors more ways to filter their preferred loans and lowering the minimum investment amount from €250 to €100. 

The team is also in the final stages of preparing the highly anticipated relaunch of the Secondary Market.  

Loan repayments  

Upon a mid-June snapshot, out of a total of 1034 projects funded through the LANDE platform, 451 had been repaid in full while 583 were active, with their repayment status detailed below:   

In Latvia, 10 loans were fully repaid in May. 4 clients are scheduled to make final payments in June. 

In Lithuania, one LANDE client fully repaid their loan in May, with 1 client scheduled to finalize the repayment process in June. 

In Romania, one client finalized their repayment process in May. One project is scheduled for final repayments in June.  

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

Collateral quality  

Credit teams across all LANDE markets have been focused on selecting low-risk clients who can provide high-quality collateral, with land/property and machinery being prioritized over higher risk categories like cattle, harvests or financial collateral – which tend to be more difficult to measure and more unpredictable.  

All loans issued in May, in all three countries, were backed by either land/property or machinery.  

A more detailed overview of our improved collateral policies and recent results will be published soon.  

Debt collection  

A total of 54* projects are currently in default across LANDE markets by our debt collection teams, after all soft recovery processes were exhausted. 

*Platform statistics extract above displays a slight difference in number of defaulted projects due to some pending debt collection updates in the main database.  

Of all defaulted projects, 35 are currently in the most advanced stages of legal and recovery proceedings (with either peaceful settlements or final court decision for enforcement issued). 28 are already being enforced 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: 

220404-429393 and 220909-915127 – Within the insolvency procedure filed against main borrower, LANDE signed agreement with another creditor regarding selling part of the claim - first payment will be made by September 15th and payments will cover part of debt. Against co-borrower, we've received a positive court decision and an enforceable document has been submitted to the bailiff; 

211227-299107 – Received positive court decision; 

230627-875623 – Loan fully repaid; 

230530-371323 – Received positive court decision; 

230630-180358 – Notary agreement signed; 

230630-591748 – Notary agreement signed; 

230612-941135 – Loan fully repaid; 

230329-214688 – Notary agreement signed. 

Romania:  

230327-149177 – received court approval to start legal enforcement against co-borrower; 
230322-901160 – first auction date set for selling the pledged machinery; 

Lithuania:  

221117-399532 & 230317-827748 – Decision adopted by court and forwarded to a bailiff for enforcement; 

220929-572260 & 220929-309009 – Decision to seize sums payable by Pienas LT had a good outcome and recovery efforts escalated. We expect to see initial results in the coming weeks; 

230728-156957 – Focused intervention resulted in the recovery of outstanding debt. 

Each defaulted project's specific recovery status can be found on individual project pages in investors’ portfolios. Read more about LANDE's loan protection and debt collection practices here.