Lendrock joins Mintos. The investment opportunities on Mintos continue to multiply, as you can now invest in car loans issued in Spain for the first time! This is because we have a new member of the Mintos family – Lendrock, a car loan provider based in Spain.
Established in 2015, Lendrock provides fast and flexible funding for borrowers who are purchasing low-cost cars, that is, cars under EUR 10,000. Lendrock is the only end-to-end financing platform which specialises in financing low-cost cars in the country.
This means, Lendrock not only helps out the borrowers of the car but also the car dealership. Because of this, the company has created partnerships with more than 500 car dealers in Spain. Lendrock covers all aspects from origination through to servicing, including registration of the vehicle. Since its inception, the company has received more than 13,000 loan requests and financed more than 1,000 borrowers.
Quick, fast and accurate – Lendrock’s promise
Lendrock provides its loans through a mobile phone app. It uses alternative data to determine customers’ creditworthiness in regards to not only their ability to pay the loan but also in terms of income and expense stability. This process allows the company to make decisions on loan applications in only 3 seconds for 80% of all potential customers.
“We are excited to join Mintos, which is in our view the leading marketplace for alternative consumer finance, to further diversify our funding sources and support our growth as we help more car dealers sell more cars and get consumers into the car they need,” says Ventura Pobre, the Co-founder and CEO of Lendrock.
Lendrock is backed by three years of operating experience. During this time, more than 1,000 cars have been financed. More than that, the company offers a unique proposition to all stakeholders: car dealers, consumers and investors. Lendrock is backed by leading private and institutional investors.
Investing in Lendrock’s car loans on Mintos
On Mintos, Lendrock now offers its car loans listed in the Euro (EUR) currency. The loans on the marketplace range from EUR 2,000 to EUR 8,000 with a maturity of up to 4 years. You can expect up to 14% offered rate per annum. To maintain its skin in the game, the company will keep 10% of each loan on its balance sheet.
As at the end of the first quarter of 2019, Lendrock had a net loan portfolio of EUR 2 million. In the same period, the company achieved a gross profit of EUR 70,000. Since its inception, the company has originated 1,100 loans worth around EUR 3.5 million.
Don’t miss this opportunity to diversify your investment portfolio and add car loans issued in Spain to the mix – for the first time ever on the marketplace! If you use Auto Invest, be sure to update your settings accordingly.