New loan originator from Latvia joining the Mintos marketplace

01.02.2017

mintosblog

We are happy to announce that NORD līzings has joined Mintos and will place car loans issued in Latvia on the platform starting today.

NORD līzings loans placed on the Mintos platform will range between EUR 1 000 and EUR 10 000 with loan terms from12 months to 60 months.

It is expected that the net return for these loans will be 9% – 12.5%.

NORD līzings will retain at least 5% of each loan placed on the Mintos platform on its balance sheet.

NORD līzings customers are primarily individuals who need vehicles to effectively do their work. Customer solvency evaluations are based on the customer’s income and current liabilities. Evaluations use the company’s scoring model, which ensures that the customer proportion of overdue loans does not exceed 10%.

NORD līzings was founded in 2011 and began offering auto leasing services starting in 2014. Since beginning operation, it has issued more than EUR 70 million in loans. The company’s employees have more than 10 years of experience in the lending sector, ensuring quality in their lending services.

NORD līzings vision is to lead the non-bank sector in flexible and quality leasing services. The company uses the newest IT solutions, which allows for fast and efficient data processing and loan issuing decisions.

“In Europe and the rest of the world, peer-to-peer lending platforms are well-known business models that give investors the opportunity to invest in loans, and lenders the opportunity to direct resources towards developing their companies. NORD līzings is interested in joining the Mintos platform to give investors the opportunity to invest profitably, while also allowing the company to develop quickly, keeping up with the times and trends of the lending sector,” says NORD līzings representative Inita Sturniece.

To obtain exposure to NORD līzings loans, investors will be able to invest in loans issued by Mintos Finance, a Mintos group company, to NORD līzings where repayments depend on the borrower’s payments. Each loan issued by Mintos Finance to NORD līzings will be pegged to a respective loan issued by NORD līzings to the final borrower.

Mintos Finance is a Mintos group company.

Please contact our investor support team with any questions or for any clarifications. We would be happy to help you!