In March, the loan origination volume grew compared to February, with €7,0M worth of loans. The most active market was Estonia (€3,1M), followed by Lithuania (€1,9M) and Finland (€1,2M).

Repayments in March amounted to €7,5M, with a total of 62 loans (including stage loans) repaid. The average return increased to 9.3%, from 7.5% in February.

Two projects, with a total principal amount of €0,3M, were recovered during the last month. One of them was in Finland (a compromise with the borrower, who refinanced, was reached) and the second was in Estonia, where collateral which we had taken over was sold at auction. By the end of April our investors will also receive the final recovery payments relating to the Tolli 7 bridge loan, which defaulted in March of 2018, leading to legal disputes with a hostile borrower. A compromise which included ending all the court proceedings, was suggested by the borrower after years of consistent legal work by our security agent.

We will keep you informed about the credit portfolio quality monthly.