Provision Fund and Loan Book Update: Q4 FY21
Plenti Group Limited (ASX:PLT) (Plenti or the Company) is pleased to provide its quarterly data report in relation to the Plenti Lending Platform (PLP) loan book.
The PLP is a registered managed investment scheme with over 23,500 members (who are predominantly retail investors) and is one of the diverse funding platforms utilised by the Company to fund loans. To provide members who invest via the PLP with transparency as to the credit characteristics of the PLP loan book, Plenti releases data about the portfolio. This data is released on a quarterly basis to members via the Plenti website, as well as the ASX so it is available for Plenti shareholders.
Shareholders in Plenti should be aware that the data provided only relates to the PLP and does not provide a complete picture of Plenti's total loan portfolio. In particular, it does not include data on loans funded via warehouse structures and the Plenti Wholesale Lending Platform.
Shareholders should refer to the quarterly trading update released to the ASX on 12 April 2021 for data in relation to the performance of the total Plenti loan portfolio.
PLP lending statistics as at 31 March 2021
| Lending Statistics | Total |
| Total amount lent1 | $819,336,112 |
| Total principal repaid | $536,495,742 |
| PLP loan book | $282,840,371 |
| Number of loans outstanding | 25,525 |
| Average outstanding loan amount | $11,081 |
| Weighted average remaining term | 42 months |
An important feature of the PLP is the Provision Fund. The Provision Fund comprises cash held on trust for the benefit of members who invest via the PLP and is designed to help protect them from loss in the event a borrower misses a payment or defaults. Information on the Provision Fund position as at 30 December 2020 is set out below.
| Cash in Provision Fund1 | $13,978,688 |
| Expected Provision Fund inflows2 | $6,193,570 |
| Provision Fund buffer3 | $20,261,361 |
| Estimated Provision Fund coverage ratio4 | 190% |
| Claims made on Provision Fund to date | 100% of late payments and defaults |
| Claims paid by Provision Fund to date | 100% of total claim value |
PLP loan and borrower characteristics as at 31 March 2020 (based on principal outstanding)
The information contained in this blog is accurate only at the date of publication. Expected losses and the performance of the Plenti Lending Platform loan book cannot be known with certainty and expectations are subject to change. Lender rates may assume your investment is protected by the Provision Fund in the event of any borrower late payment or default, however, there is no guarantee nor warranty as to any protection from the Provision Fund. Fees apply. Capital at risk. See the PDS and SPDS for details.
This information should not be taken as financial product advice and has been prepared as general information only without consideration of an individual’s particular investment objectives, financial circumstances or needs. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) available on our website to decide if this product is right for you.
All figures stated represent the Plenti Lending Platform (ARSN 169 500 449) only unless stated otherwise.
The availability of the Early Access Transfer Feature is at Plenti's discretion and is subject to the terms and conditions set out in the PDS.
Issued by Plenti RE Limited ABN 57 166 646 635 AFSL 449176. Capital at risk. Past performance is not a reliable indicator of future performance.
1 Lending statistics since inception
1 Funds currently held as cash at bank
2 Expected Provision Fund inflows represents contracted PLP borrower contributions to the Provision Fund due over the lifetime of outstanding PLP loans, adjusted to reflect expected early repayments and bad debt
3 Provision Fund buffer is the sum of money in the Provision Fund and expected future Provision Fund inflows
4 Provision Fund coverage ratio is calculated as estimated future lifetime losses from the current PLP loan book over the Provision Fund buffer