Update on the Aforti Finance

07.10.2019

mintosblog

Follow-up on most recent questions from investors.

Why Aforti Finance outstanding loans value on Mintos webpage does not decrease? 

Previous issues with payment transfers have caused an accumulated negative settlement by Aforti to Mintos for payments that were credited to investor accounts. As a result, payments that are now transferred by Aforti are divided into two streams: first, to cover the settlement which accumulated towards investors before automatic repayments and buybacks for loans originated by Aforti Finance were suspended on August 7, 2019, and second to cover ongoing borrower repayments and loan buybacks from the remaining balance. 

From August 7, 2019 until October 4, 2019, Aforti Finance has transferred a total of EUR 706 186 and PLN 235 678 PLN to Mintos, the majority of which has gone to cover accumulated settlement amount.

The accumulated negative settlement does not show as outstanding loans in statistics on Mintos webpage because this money has already been credited to investor accounts before August 7, 2019.

If Aforti Finance payments are happening on a daily basis, why are Aforti loans still suspended from the Secondary Market?

While Aforti Finance is making daily transfers of borrower repayments, there is still uncertainty taking into consideration earlier issues. We want to protect less informed investors. Therefore, the Secondary Market suspension for Aforti Finance will remain as long as we don’t evaluate differently.

Note about the Aforti status has been introduced to loan originators dedicated profile page.