Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_76977736
July 30 2020

Growth Street reveals state of its loanbook as it prepares for wind-down

Marc Shoffman Industry News, News, Top 3 Greg Carter, Growth Street, liquidity event, resolution event

Growth Street is anticipating that five per cent of its remaining loanbook could be in default as it prepares to wind-down its peer-to-peer lending platform.

The business lender announced last week that it would enter a “solvent wind-down” once its resolution event – the process of getting its loanbook repaid – is complete.

The platform’s flagship product, GrowthLine, offered a flexible, overdraft-style line of credit for small- and medium-sized businesses.

Its latest loanbook data as of 20 July shows it has granted 86 finance facilities worth £179,451, and that £148,058 has been withdrawn and is still due to be repaid.

Of these, it is anticipated that 5.04 per cent will default.

Most borrowing is from the business services sector where there are 35 firms with facilities to repay, followed by 15 in construction and nine in hi-tech.

Growth Street entered a 90-day liquidity event earlier this year to stop withdrawals and keep funds invested.

It then decided to close to retail investors in June and focus on getting its loanbook repaid as part of a resolution event.

However, efforts to secure institutional backing have since failed so the platform has instead deciding to close once loanbook repayments are complete.

The lender had previously announced a restructure and layoffs in November 2019 which also included the departure of its founder and chief executive Greg Carter.

CBILS terms expanded to offer relief to more SMEs How Zopa’s savings rates compare with the rest of the market

Related Posts

Fintech -financial technology concept.Young businessman  select the icon Fintech on the virtual display.

Global News, Industry News, News, Top 3

UK retains European fintech crown despite 9pc y-o-y fall in investment

fintech sector

Industry News, News, Top 3

Fintechs feature heavily in list of best start-ups to work for

Spiel

Global News, Industry News, News, Top 3, Uncategorized

Bondora monitoring ‘see-sawing’ secondary market

Popular posts:

  • Government responds to P2P fraud query
  • The alternative lenders accredited for CBILS
  • FCA lumps P2P lending in with higher risk products again
  • 4th Way gives its views on Zopa and Funding Circle returns
  • Funding Circle to offer first and second draw PPP loans
  • SME lender warns many companies will not survive
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by