You're reading the October 2024 edition of LANDE's Platform Performance Report, which we publish monthly to highlight our progress in loan issuance and debt collection and provide insight into other platform or team developments. 

The total amount farmers borrowed through the LANDE platform across our three markets in October 2024 was €993,051 across 39 projects (avg. project value €25,462). The breakdown by country is as follows:  

The share of loans issued in October that were backed by either land/property or machinery in each market was the following: Romania 100%; Lithuania 87.5%; Latvia 94%.  

166 new investors registered on the LANDE Platform in October – marking a historical high, along with record deposited amounts throughout the month (3x the average) - the success is due to our updated collateral strategy to focus mostly on land and machinery assets and the fact that we've been implementing shorter loan terms – both practices will continue, along with new improvements to both business conditions and platform features.   

LANDE investors earned a total of €112,024 in interest in October, with the all-time total having now reached €2.11 million. 

The Investor Relations team reported a stable number of customer support tickets submitted in October compared to the previous month, with no significant issues generating high ticket volumes. 

The IT team focused on internal company processes, improving system integrations, financial transactions, distribution, marketing features, and data reporting. Key tasks included enhancing data syncing and fixing reporting issues. These efforts strengthened data handling, user experience, and backend stability. 

We have extended the cashback campaign for new investors until the end of the year! New investors get 3% back on all investments they make in the first 30 days on the platform. Additionally, all investors will get a 1% referral bonus for recommending our platform to a friend using the unique referral link on their dashboards (bonus applies to the investments made by the referred user in the first 30 days). 

Loan repayment statistics  

At the end of October there were 1,213 projects funded through the LANDE platform, of which 536 had been repaid in full while 677 were active, with their repayment status detailed below (+comparison with previous month): 

Loans with collateral consisting of livestock and harvest hold the highest shares of 90+ day delays, which is why we have been moving away from these collateral categories and focusing more on securing projects backed by land and/or machinery. 

Repaid principal totalled €593,099 in October, while the all-time total has reached €11.02 million.  

More real-time portfolio data can be found on our statistics page.  

Debt collection stages 

Below is a breakdown of debt collection stages for delayed loans. Most of the 90+ loans are already in the enforcement phase with bailiffs engaged in recovering the value of the collateral. 

Details about debt collection stages can be found here.  

Market highlights 

Latvia: 

October was a successful month for Lande Latvia, not only in attracting new clients but also for our debt collection team, which managed to fully recover funds from two defaulted clients (230322-146865 and 221202-440635).   

Farmers have increasingly started to repay their loans this month, as they continue receiving subsidies and payments for their sold grain. We saw slight delays in some repayments during October, as many farmers were waiting for the aforementioned funds, but this situation is expected to stabilize by the end of the year. 

Romania:  

The government has started pay out subisidies, which many debtors will use to make payments to LANDE. Farms have finished harvesting corn and sunflower crops, with lower yields due to drought, but those those affected will receive compensation of EUR 200-300 per hectare. In this period, farmers are repairing their equipment for the winter, finishing up post-harvest tasks, planning the next growing season.  A number of debtors have requested loan refinancing and have brought additional collateral to back up the extensions. Several delayed loans have been taken over by bailiffs who are carrying out recovery procedures. 

Lithuania:  

There are no new major delays and only one new possible default since June. Many current loans have repayments scheduled for December and January and the team is confident that their careful management will yield good results and minimize delays. As of today, the Lithuania team has recovered about 185,000.