Portfolio update September 2019

Portfolio update May 2019 : P2P investments Envestio Bulkestate Reinvest24 Viventor FastInvest Swaper Robo.cash Twino Mintos Bondora Crowdestor Crowdestate Grupeer Kuetzal PeerBerry Wisefund reviews

Dear friends, family and financial freedom seekers from all over the world.

The first month of the fall has arrived. I’ve already found the wool socks from my back of my closet in order not to freeze my feet while writing this monthly update. Brr…

I’m looking forward to our vacation in Portugal starting from Tuesday next week. Hopefully the weather is a bit warmer than in Denmark. It would be nice to dive into the pool with my daughters.

We booked a nice holiday home through AirBnB. It’s usually much better and cheaper than a hotel room.

If you’re new to AirBnB and want to give it a try, you’ll get up to 40€ off your first booking by signing up with this link.

My paternity leave has been extended until January 2nd 2020. Yay!

I must admit that I love the slower pace of life without a day job. There’s lots of things I want to do so I never feel bored. The paternity leave is a good way to get first hand experience on “what it will be like” when I retire early.

Anyway, here’s an overview of my financial transactions in the month of September:


Monthly Income Statement: September 2019

Crowdlending Income XIRR Value
Bondora -394.96€ 5.71% 17 750€
Bulkestate 0.00€ 2.55% 10 100€
Crowdestate 10.30€ 6.72% 6 806€
Crowdestor 314.27€ 15.68% 38 285€
Envestio 370.26€ 21.00% 28 742€
FastInvest 54.18€ 16.90% 5 060€
Grupeer 224.35€ 15.28% 22 524€
Kuetzal 425.92€ 26.08% 26 355€
Mintos 194.13€ 16.95% 23 045€
PeerBerry 32.36€ 7.89% 5 032€
ReInvest24 1.22€ -3.94% 985€
Robocash 233.29€ 11.67% 11 583€
Swaper 129.95€ 14.46% 12 768€
Twino 76.77€ 13.50% 3 313€
Viventor 27.21€ 8.01% 5 064€
Wisefund 175.44€ 27.01% 15 352€
1 857.28€ 11.09% 232 768€
Real Estate Income Equity
Property #1 691€ 39 425€
Property #2 1 162€ 58 518€
Total 3 727.69€ 330 713€

That means I’m 124.26% Financially Free (down 0.59% from last month).

My second goal of 7 000€ per month reached 53.25% (down 0.25% from last month).

Portfolio performance: Historical view

Income from Crowdlending & Real Estate combined was 3 727.69€.
(17.70€ less than last month).

Oline investments income september 2019

“Crowdlending (except Bondora)” reached 2 269.65€.
(1.70 less than last month).

Bondora

Another disappointing month on Bondora

Bondora income september 2019

127.69€ was recovered in September but I still have 25 831€ in defaulted loans.

Bondora cash flow from recoveries September 2019

I do not recommend investing with Bondora unless you use the “Go & Grow” product only.

If you want to use Bondora’s Go&Grow as a savings account and earn 6.75% interest rate with instant liquidity, use this link to get 5€ free when you sign up.

See more info and screenshot from my Bondora account

Bulkestate

I visited Bulkestate from September 18-20 and it was great to meet the team. We saw some of the development projects and had some good conversations.

I think I convinced them that monthly interest payments is the way to go!

Igors (the CEO) said they would try to find a way to do monthly repayments, so I’m really looking forward to that. Wouldn’t that be awesome?

It would certainly make the graph look more interesting than this:

Bulkestate income september 2019

I’ll write a review of Bulkestate  and include some more pictures from the trip later this month. Hopefully I’ll find time to write it while I’m on vacation.

See more info and screenshot from my Bulkestate account

Crowdestate

I’m slowly leaving Crowdestate.

The amount of delayed projects and especially lack of communication from Crowdestate has reached a point where I’ve had enough.

I asked their support to give me an update on “R. Feldmana 2, LV-1014, Riga” project and they told me “Our CEO is in contact with the project developer. I don’t have the information at the moment to provide any details, but once we receive it, it will be added to the project straight away.

It’s been more than a month since I asked this question and still no response.

I’ve been happy with Crowdestate until now but it’s not the same platform as it was 2 years ago. They used to have several high yield development projects, now most of them are 11%.

In my opinion, Bulkestate is a much better platform for Real Estate investments.

Crowdestate income september 2019

See more info and screenshot from my Crowdestate account

Crowdestor

Crowdestor is my favorite platform at the moment. They offer high interest rates, amazing performance (all loans have been paid on time) and a great variety of projects.

8 new projects were launched in September!!

Crowdestor income september 2019

The big spike in August happened because I received my first payment from the “Energy production plant” project which pays interest after the first 6 months and every month after that.

I have a few more projects like that so monthly interest on Crowdestor will be significantly higher from December and onwards. I expect my average monthly earnings to exceed 550€ from Q1 2020.

Crowdestor will have a new updated website available soon, maybe already this month. It will introduce a new set of features. I’m really looking forward to see what they have made for us.

See more info and screenshot from my Crowdestor account

Envestio

All projects on Envestio have paid me on time from the day I started in Jun-18.

Envestio income september 2019

More than 1 000 new investors joined Envestio in September and more than 26M EUR has been invested.

7 loans worth 4 150 000€ were funded just in September!

If you sign up and invest through my referral link, you will get a 5€ bonus when you deposit at least 100€. In addition, you will also get a 0.5% cash back on all your investments the first 270 days.

See more info and screenshot from my Envestio account

FastInvest

I’m still happy with the performance on FastInvest.

I’m starting to get a little impatient about information about their loan originators though. If this information was publicly available I’d be happy to throw another 5-10k after FastInvest.

FastInvest income september 2019

See more info and screenshot from my FastInvest account

Grupeer

The 5 000€ I added to Grupeer in August gave me a small performance boost in September. I expect the monthly cash flow to exceed 250€ in a couple of months.

Grupeer income september 2019

See more info and screenshot from my Grupeer account

Kuetzal

Kuetzal gave me the highest return of all platforms in September.

425.92€ interest earned from an account value of 26 355€. Very impressive.

Kuetzal income september 2019

While I was in Riga last month, I scheduled a short meeting with Alberts. We had dinner on an Italian restaurant and went to Marupe to see one of the row houses under development.

This is the first “Row House in Marupe” project built by SIA “ALPA Būve”. They decided to build 2 x 2 Row houses instead of 1 x 4, that would be more profitable.

The houses are quickly coming to life and they are on-track with the building schedule.

Kuetzal row house in Marupe

Kuetzal row house in Marupe

Kuetzal is a bit slower to add new projects than the competition for the time being. People used to be concerned whether a project was going to be funded or not. I guess that’s not the case anymore!

Yesterday this “Shredder machine” project was released and it was funded within a few hours.

I was happy to get a share of it, 20% with buyback is pretty darn good when I struggle to find loans with 10-11% interest on Mintos.

Kuetzal Shredder project

If you want to give Kuetzal a go you can use the promo code FINANCIALLYFREE to get a 15€ gift, instantly credited to your account.

Mintos

As mentioned above, the interest rates on Mintos are dropping really fast. The equal drop in earnings doesn’t come as a surprise.

Mintos income september 2019

My “Weighted average interest rate” was 15.43% in August. Now it’s 12.77% and I have spent several hours trying to invest manually to get the highest yielding loans.

Needless to say, my diversification between loan originators have suffered as a result.

Mintos investments diversification loan originators

The interest rate drops on Mintos come every year but somehow people are still surprised when it happens. Of course, Mintos is different now than last year; double amount of investors and the Invest&Access product was launched.

Mintos is working hard to attract new loan originators though. I expect the rates to go back to 13% in Q1 2020 when supply and demand meets again.

If you sign up with Mintos through my referral link you’ll get an exclusive 1% cash back bonus on all investments you make within the first 90 days from your registration.

See more info and screenshot from my Mintos account

Reinvest24

I received my third interest payment on ReInvest24 in September. Income is still low because only 1 of 3 projects I invested in started paying. In a month or two all 3 projects should be paying.

ReInvest24 income september 2019

If you want to try ReInvest24 you will get 10€ instantly credited to your account if you sign up with this referral link.

See more info and screenshot from my ReInvest24 account

PeerBerry

I received my first interest payments on PeerBerry in September.

As with any new investment it takes a couple of months for the returns to stablize. I expect around 58€ return per month starting from October.

See more info and screenshot from my PeerBerry account

Robocash

I received the biggest monthly return Robocash ever.

Several 1 year “installment loans” were paid back and I received all the accumulated interest for those loans.

Robocash income september 2019

I don’t invest into installment loans anymore, I prefer a monthly cash flow.

Starting from November we should start seing regular returns around 125€ per month.

See more info and screenshot from my Robocash account

Swaper

Swaper originated 7.5M EUR loans in the past 30 days. That’s almost double the amount compared to the start of the year.

I really hope they will be able to keep this trend going. It’s a great platform when there’s enough loans to invest in.

Swaper income september 2019

Swaper decided to extend the promotional offer until 2nd of November 2019.

New investors who sign up by using my affiliate link gets the Swaper Loyalty Bonus (+2%) on all investments made during the first three months. This means instead of a 12% profit you will earn 14%!

If you invest 5 000€ or more you will get the Loyalty Bonus and continue to earn 14% on future investments, just like I do.

See more info and screenshot from my Swaper account

Twino

Best month on Twino in almost 2 years.

The RUB currency exposure makes this portfolio a lot more volatile than other platforms I invest in.

I really don’t like it, I prefer a more predictable income.

Twino income september 2019

See more info and screenshot from my Twino account

Viventor

September was my 3rd “real” month of investing with Viventor.

I received more repayments from the loan originators “Aforti Factor” and “Aforti Finance” who were hit by liquidity issues. I think everything will be “recovered”, Aforti is back on track according to Viventor.

Whenever I reveive a repayment, my auto-invest re-invests into loans with 14% interest rate. Much better than Mintos currently.

Viventor income september 2019

I’m still “testing out” Viventor to see if I want to deposit more money. I like how the platform works, it’s really good with it’s infographics and statistics.

Viventor statistics dashboard

The biggest downside is communication level from their support. I’ve heard that they’re hiring people and I expect them to improve in the near future.

See more info and screenshot from my Viventor account

Wisefund

I met with Ingus Linkevics from  Wisefund on my trip to Riga last month. He’s a very calm “down-to-earth” kinda person.

It was a spontaneous casual meeting where we met in their office and talked for 3 hours with a lunch in between. Their lawyer was present as well for any legal questions I wanted to ask.

We will most likely plan a meeting in November where I will go more in-debt with questions regarding the platform, it’s projects and borrowers. I’m looking forward to that!

Currently 2 projects are open for investment, one of the with a 19.35% interest rate. All projects on Wisefund to date have 100% buyback guarantee.

The contract farming project is 91% funded already. I know they have several projects in pipeline, some of them with interest rates above 20%.

Wisefund projects september 2019

Wisefund reminds me of Envestio in it’s early days. They have a professional approach and quality answers for your questions. I have high hopes for this platform!

I will most likely send my next 10k to Wisefund.

If you sign up and invest through my referral link, you will get 0.5% cash back on all your investments the first 270 days.

See more info and screenshot from my Wisefund account

Real Estate

I received rent from all 5 tenants on time in September.

Income from rental properties

A tenant in the second property had called me a few times because she had issues with the water not draining from the kitchen sink.

I did everything I could to clean the pipes from inside but it didn’t help.

I ended up hiring a professional. A suction vehicle cleaned the sewers and that solved the issue!

See more info about my First property and Second property

Savings rate

My savings rate for September was -66.76% (-12.51% compared to last month).

This was my second month in a row with negative savings rate 🙁

Here’s the reason for the high expenses:

  • I made the second payment of our 2 week holiday in Portugal next month. The vacation will cost me ~3 500€ for flights, accomodation and a rental car.
  • My income is a lot lower while I’m on paternity leave.

Who would have known that a 1 671€ “salary” from the state while being on paternity leave combined with high vacation expenses spells disaster for your savings rate?

It’s been a while since we spent anything on the family so I think we deserve this little splash.

Personal savings rate september 2019

From November my salary will be back to normal, which is ~3 800€ after taxes.

See more info about my Savings rate

Blog statistics

WordPress blog statistics

Visitors: 11 039 (-2.74% compared to last month)
Page views: 47 016 (-6.34% compared to last month)

2 145 Subscribers (+168 compared to last month)
1 007 Facebook followers (+55 compared to last month)

Start your own blog

FinanciallyFree is hosted on SiteGround for the incredible low price of 3.95€ per month. I honestly couldn’t imagine a better host for a WordPress site!

SiteGround - Cheap Web Hosting for WordPress

Free international transfers

In Facebook groups and on investor forums I see people praising Revolut for very fast transfers and zero fees. I tested it and I must admit – it’s really good.

It’s probably the cheapest and fastest method to deposit to your investments. You can even get a free VISA card.

Revolut free VISA card

Sharing is caring

If you enjoyed this post, maybe your friends will like it too? Hit the like button below and/or share it with your friends!

65 Replies to “Portfolio update September 2019”

  1. Always eager to read your monthly reports. I’ve arrived to the same decision regarding CrowdEstate. From an impeccable payment schedule to delayed projects everywhere.
    Also, ever heard of Trine? They invest in solar panels in Africa and Latinamerica. I started using it a couple of months ago, so still not much to report. Interest rates are not as good (7-8%), but makes you feel good about how your money is invested. I’d like to explore now similar platforms, with a social component. I saw Agrikaab and Lendahand. Have you looked into any of them?
    Enjoy Portugal and the good weather!

    1. Yes, I’ve heard about Trine, Agrikaab and Lendahand and many more. I don’t consider myself rich enough to focus on investments with a social component yet. I prefer high returns until I’ve reached my 2nd or 3rd goal.

      My mentor once told me “The best way to help people is by becoming rich first. When you’re rich you can help anyone beyond your own presence.” So that’s what I’m working on 🙂

  2. Ciao Jorgen, I’m looking forward to read you soon regarding your holiday in Portugal. Where will you go?
    Can you write anything regarding the costs in Portugal, too?

    Ciao
    Emanuele

    1. Hi Emanuele,
      We are going to explore the area around Caldas da Rainha.
      My friend Mark from ObviousInvestor wrote a nice article about Portugal which you can read here

      1. Hey!
        I’m from Caldas da Rainha, and if you are still around let me know! Unfortunately the weather has not been the best for a swim, but there is a lot of good stuff to see and eat 🙂 If you have a car don’t miss a ride to Obidos, “São Martinho do Porto” and Nazaré. In Caldas wander around the food market Saturday morning.
        André

        1. Hi Andre! We are in Salir do Porto until Monday morning. We already visited Sao Martinho do Porto and Nazaré. We planned a trip to Obidos tomorrow. We have also been at the food market a couple of times. We like this area!

  3. Hi Jorgen, great reading as always. I’m considering to diversify my p2p investments further. Do you like Kuetzal or Envestio better atm?
    or maybe even Fastinvest?

    I’m looking forward to your answer.
    Thank you.

    1. Hey Jonas. Kuetzal and Envestio are similar because they offer loans to businesses. FastInvest offers personal loans like you find on Mintos. Envestio has a longer track record than Kuetzal but I have no preference between the two. You could try all of them with a small amount, like 100€ and see which one you like best? Wisefund is also an interesting option which I would consider as well.

  4. Dear Jorge. Many thanks for September update.
    Why do you prefer Bulkestate to Estate guru? How many projects are in a month? Do you invest manually or auto invest? Projects are sold very quickly or you have time to think about it? Very interested to read your interview with Bulkestate team.

    1. Hi Enrique,

      Yes, I prefer Bulkestate over Estateguru. Estateguru is bigger and launches A LOT of projects compared to Bulkestate. But I believe Bulkestate has safer investments and higher returns and I value quality over quantity. They usually offer 2 new projects per month.

      I invest manually. Sometimes you have a few days to think about it and sometimes a project is funded within an hour. It depends on the size of the project and how attractive the rates are.

      1. Dear Jorgen. Many thanks for your answer. Do you have a bonus link for Bulkestate? I hope that very soon I can read the interview.

  5. Hi Jorgen.

    I have just had a look into tfg crowd (www.tfgcrowd.com). Any experience you may want to share with us?? any feedback??.

    Thank you.
    Cheers.

    1. Hi Oscar,
      I’ve been following them for a while but not invested in them yet, so I have no experience to share. I’d like to meet them in person first.

  6. Very nice post Jorgen, as usual. I completely agree with you on Crowdestor, they are my favourite platform too!
    Hope you enjoy your holidays in Portugal, looking forward to some pictures 🙂

    1. Hi Marek,
      I assume you mean monethera. They copied/stole a lot of the text directly from the Envestio website when they launched. I think they fixed it now but it was not a professional approach. For this reason I don’t want to invest in them. If the CEO lets things like that happen I don’t trust the management.

  7. Hi Jørgen

    In a couple of months i will be looking to add a new platform to my portfolio, my only current platform right now is Mintos and i am investing on a monthly basis.

    What platform would you suggest i should add after Mintos?

    1. Hi John,

      I cannot give recommendations without knowing more about your preferences, risk tolerance, investment horizon etc. I have a personal preference for business project based platforms like Crowdestor, Envestio, Kuetzal and Wisefund. Other investors prefer short term loans.

      If you want a more detailed answer, you can write me an email and give me some more insights into what kind of investment you’re looking for.

  8. Hello,

    For Robocash, you said “I don’t invest into installment loans anymore, I prefer a monthly cash flow” How do you select one or the other?

    Regards,
    Miguel

    1. Hi Miguel,
      Historically, Installment Loans have always been 12 months on Robocash. I have simply set the max. duration to 90 days.

      1. OK, now it makes sense. Thank you this what I have always done as well to set it at 90 days max. However lately there is significant amount of cash drag unfortunately let’s hope its temporary…

  9. Hi Jørgen,
    loving your blog!

    What is your view on another possible financial crisis? Do you think that all the buyback guarantees would still work and you would not lose your money?
    I’m currently only with Mintos but your blog opened my eyes and I’m planning to join other platforms as well – I feel mostly safe because of the various buyback guarantees but to me it seems that if a crisis comes it can all dangerously collapse.
    What do you think?

    Thanks a lot in advance!
    (sorry if you already discuss it somewhere – I haven’t found it anywhere but also haven’t gone through your whole blog)

    Best,
    Jakub

    1. Hi Jakub. We discus financial crisis in podcast 030 on my about page. I would encourage you to listen to it. A financial crises could be golden days for the lending industry because more people would need to borrow money. On the other hand, those who already have a loan might struggle to pay it back. There’s a lot of factors to take into consideration. Overall I think a financial crisis will impact crowdlending less than other financial instruments. But I don’t have a crystal ball so it’s just my best guess.

  10. I’m a newbies in crowdfunding (less than 2 months experience). I didn’t know you site before this weekend but I noticed that we have more than 60% platform in commun.
    Have you tried Stocks, Crypto, if not why?
    Thanks a lot for sharing such a lot valuable information.
    Pascal
    NB sorry for my bad English.

    1. Hi Pascal, thanks for stopping by. I have invested in stocks in the past and I have ~500€ worth of Crypto. I don’t like either of them as investments. I think stocks and crypto is speculation and I prefer not to speculate. Generating a stable and predictable cash flow is what I like 🙂

  11. Congrats on a good month 🙂
    I read some comments about a potential financial crisis …
    On the note of diversifying for being ready for such a case, do you have any other financial instruments working for you? I mean other than real estate and lending as we do know about these

    1. Thanks Elmar. No, I don’t have any other financial instruments. I believe crowdlending and Real Estate are the best places to invest, also during a financial crisis.

  12. Hi Jørgen.
    Another great article as always. Thanks for sharing your inside information from your meetings.
    Have a nice time in Portugal with your family!

  13. Always a pleasure to read your blog. Thanks for the update.

    For Robocash, I guess you were eligible to Loyalty Program +1%, that’s why September was good !

  14. Hello Jorgen,

    My name is Marco, and I’m from Lisbon, Portugal.

    Nice to have you on holidays down here. Hope you enjoyed it!

    I’m starting out on the Grupeer platform, and I wanted to know if its loan originators also pay interest on delayed repayments, like most Mintos loan originators do.

    One last thing, how long does it take them to credit your deposited funds on your Grupeer account?

    Cheers and keep up the good work!

    1. Hi Marco. All loan originators pay interest on delayed payments on Grupeer. It usually takes 2-3 days to deposit on Grupeer if you use bank transfer like I do. Maybe less if you use Revolut.

  15. Hi Jørgen.

    With the interest rates in Mintos so low, i’m wondering if i should move the money to a different platform (10% Vs 12%) while the low interest rates in Mintos continue, or to try lending in RUB or KZT in Mintos itself, i ran an experiment with RUB (100€ only) for 4 months and got a APR of 16.6% after all fees and currency conversion was done. So i’m wondering if the risk of currency conversion can be offset by the very high interest rates in the KZT loans which are for 20% from ID Finance.

    If you’d go for moving the money to a different platform do you have any special ones you’d be more favorable to? I’m already in PeerBerry, Grupeer and Envestio.

    Thanks in advance for the time spent reading this 🙂

  16. Hi Jorgen, what do you think about the Mintos Invest & Access product? I am big in stocks/index funds, and a few months ago I opened a Mintos account with 4,000 euros. I ahd a manual auto-invest strategy but switched to Invest & Access a few weeks ago. I now see rates drop into the 9% range and percentage of loans in late nad grace period >25%. I’m not sure if that’s good news or not. What do you think?

    1. Hi B. I think that’s what you get with Invest & Access. I don’t like manual investing either but I do so to get better rates. Invest&Access is the best way to get a 100% passive investment on Mintos – but it has it’s downsides.

  17. I’m very surprised that I don’t have Estateguru in your wallet … for me it’s the best real estate. the reason?

  18. another question .. what do you think of the project that opens today in crowdestor at 26? I see it very risky, natural skins many countries are prohibited and more and more synthetic skins from China are used ..

    1. I’m waiting for the project description to be released to get a better understanding of the risk in this specific project. I’m planning to invest 10k into it.

  19. Hi Jørgen,

    I was wondering if you have had any contact with Envestio recently. It’s still my favorite platform, but it’s worrying me a little bit that we don’t see a lot of activity of Envestio recently. All projects are fine so far like you mentioned, but the lack of new projects makes me wonder…

    With kind regards,

    Mark

    1. Hi Mark,

      I have not been in direct contact with them lately. However, they have announced they are transitioning from small–to larger scale projects. I’m sure these projects require more due diligence to make sure the borrower will be able to pay back the loan.

      I’m happy they spend the time required even though thousands of hungry investors are waiting.

  20. I’ve been looking at wisefund recently and funded my account looking to invest on the next available project, but, upon looking at the project itself and the extreme lack of information I’m getting cold feet.

    Have you looked into the “Organic fertiliser manufacture” yet? I’ve found a few yellow flags and a lack of important information on the project page.

  21. Hi Jørgen,

    I was tempted to invest into this project on Crowdestor : Fur processing company – 26% offcourse because of the extremely high interest rate

    But when I read the details I realised that I was going to invest in real animal skin. I felt this was not the right thing to do, and did not.

    My question is, did you ever had moral considerations or moral resistance with investing money in a project ?

    For me it was really a thing considering this investment and was a little surprised by myself not to invest in this financially really attracting project.

    With kind regards,
    Roy

    1. Hi Roy,

      Many people have moral concerns and choose investments based on their ethic values.

      I have no problem investing into skin and fur, so I put 10k into the project.

      Best regards,
      Jørgen

  22. Hi Jorgen:
    About crowdestor,
    What do you think about next projects?. Are you gonna invest in them?
    Premium foods 15%
    Mafia stars (second round) 18%+14%
    Warhunt 18%+12%. I don´t like that is 18 months term
    Family house developer 13,4%
    Regards

    1. Hi Enrique,

      I like all the projects. I’m a long-term investor and I don’t mind 24 month durations. I’d love to invest in the Warhunt movie project.

  23. Hi Jorgen,
    Regarding Aforti Viventor, I do not share the optimism of the platform, I have 2 loans in default of more than 60 days, and the buy back is not applied …..

    1. Hello. Today I asked Viventor about Aforti sistuation and received a following reply:
      “Yes, unfortunately Aforti companies are still struggling with repayments. They are making small instalments from time to time and we are covering the oldest debts to our investors right away. However new debts are arising every day as they are not paying them on time.
      We have signed with them a payment schedule with an “unconditional submission to pay” for a part of their debt, but they haven’t followed it through till the end so we are now claiming the missing amount. It will cover some part of their oldest debts.
      Kind regards
      Viventor Team”

  24. On Crowdestor there was a project called “Fur processing company”. And there is an article today on latvian media, that “Grobina” asks for insolvency. Regarding this article, insolvency request will be concidered by the court on October 31st. Asked Crowdestor today about this situation, waiting for reply…

    1. Thanks for sharing Vladimir. It does sound strange that Grobina files for insolvency 10 days after they receive a 980 000€ loan from Crowdestor. I’m looking forward to reading the answer from Crowdestor.

      1. Regarding this article

        https://rus.delfi.lv/biznes/bnews/latvijskoe-hozyajstvo-po-vyraschivaniyu-norok-na-meh-prosit-o-neplatezhesposobnosti.d?id=51589111

        In 2016, the legal protection process was launched in “Grobina”. Now in “Latvijas Vēstnesis” it is reported that the management of “Grobina” is not coping with the implementation of the plan of the legal protection process, therefore the company asks to stop this process and begin the insolvency process.

        Strange indeed..

  25. I hope that very soon you get an answer from Crowdestor. Please let us know. Thanks

  26. What do you think for Crowdestor answer?

    As we previously explained, in order to close the deal and buy-out existing secured loan from the senior lender, it was an obligation to receive an acceptance from NAFA, which is the auction house who buys fur from JSC Grobina and which is one of the creditors of JSC Grobina. The acceptance was not received which means that Borrower did not buy-out the secured debt from the bank. And JSC Grobina submitted an application of insolvency by themselves as they did not have any other option how to refinance their liabilities.

    What this means?

    This gives an opportunity to buy out directly the assets from the bank for the same price or lower.

    These are good news for Crowdestor investors from security aspect because:

    1) the assets will be already fully owned by Borrower (there will be no legal procedures, costs or time to take over assets if JSC Grobina would delay payments);
    2) we will have full rights to sell or lease the assets (the processing factory as a whole united) in any time for the best price;
    3) assets will be free from other previous liabilities which where where in the balance sheet of JSC Grobina.

    In case senior lender will have other offer to buy-out assets of JSC Grobina for a higher price, Borrower will not take part in this deal and all funds with interests will be paid back to investors.

    The funds are not being paid to JSC Grobina or bank until there is a contract in place for acquisition of the assets. So no worries that funds are stuck or are lent to an insolvent company.

    Best regards

    1. I’m happy with the answer. It seems like they have everything under control. It’s not surprising that it’s a risky investment at 26% interest.

  27. Hi
    I assume you use excel to make all those graphs, tables and overviews, could you perhaps share that file so i could use it personally?

  28. Great overview and great figures as well! Small question, how do you ensure that the money isnt just sitting, after payments have been made? Not all platforms have auto-invest, so seems like some active monitoring, to ensure that the money isnt just sitting in the accounts, without crating revenu.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.