A record to be proud of - 100%+ recovery on defaulted loans

Remember that your capital is at risk with no FSCS protection. Past performance is not a guarantee of future returns and we cannot guarantee that the security on the loan will cover full capital and interest.

asset loans

Performance Summary (as of 8 Dec 2021)

  • 4975 loans with a cumulative loan amount of £34.2 million have been repaid or renewed.
  • Another 457 loans with a cumulative loan amount of £1.5 million have defaulted. This equates to a default rate of 7.7% by number and 3.8% by value.
  • Of these defaulted loans, recovery has been completed on 419 loans with a recovery rate of approximately 126.7% of net amount due to lenders.
  • Many more loans, although not defaulted, have been repaid through the sale of assets under the instruction of the borrower. For example, loans made as pre-auction advance have been repaid from auction proceeds and some high-value loans have been repaid through organised sales to dealers.
lowest cost

Performance Tables (as of 8 Dec 2021)

For explanation of the loan types see further below.

by number Active and performing Repaid or Renewed Defaulted and recovered Defaulted and awaiting recovery Default rate (by %)
Consumers Loans against Gold 180 1488 116 8 6.9%
Consumers Loans against Non-Gold 294 3275 303 28 8.5%
HNW and Business Loans 45 100 - 2 1.4%
Watch Dealer Loans 7 112 - - 0.0%
Total 526 4975 419 38 7.7%

by value (£) Active and performing Repaid or Renewed Defaulted and recovered Defaulted and awaiting recovery Default rate (by %)
Consumers Loans against Gold 664,968 5,124,220 467,219 59,595 8.3%
Consumers Loans against Non-Gold 2,176,054 16,012,181 785,656 204,502 5.2%
HNW and Business Loans 1,066,131 8,025,447 - 22,248 0.2%
Watch Dealer Loans 534,519 5,059,862 - - 0.0%
Total 4,441,673 34,221,709 1,252,875 286,345 3.8%
Default and recovery statistics
by number All recovered Full recovery Interest shortfall only Principal shortfall
Consumers Loans against Gold 116 109 4 3
Consumers Loans against Non-Gold 303 249 14 40

by value (£) Net amount due to lenders1 Net sale proceeds received Gross interest shortfall Gross principal shortfall 2 Recovery rate (%)
Consumers Loans against Gold 487,449 564,766 423 29 115.9%
Consumers Loans against Non-Gold 838,064 1,114,386 7,022 12,119 133.0%
Total 1,325,513 1,679,151 7,445 12,149 126.7%

1. Net of any payments made by the borrower.

2. Repaid by platform - so zero net loss to investors.

Loan classifications
  • Consumer loans made against gold

    These are the easiest to value and dispose in default. They are also the easiest for risk management purposes as the value of the underlying collateral can be hedged.
  • Consumer loans against non-gold assets

    These loans are typically lower value and risk on these loans is managed through a combination of diversification and careful underwriting.
  • Loans made to business and high net worth customers

    These are typically higher-value loans and are carefully underwritten, with additional due-diligence conducted on value and ownership of assets. From a risk perspective we consider these loans to be lower risk than equivalent consumer loans, as all such loans also benefit from full recourse to the borrower as well as regular monthly interest payments.
  • Loans made to watch dealers

    These are longer-term loans provided to dealers of second-hand watches against a part of their stock, valued at trade disposal prices and held in our possession. By now, we have an established trading history with all our watch-dealer borrowers. You can read more about watch-dealer loans here.