Silver Bullion reaches $50m milestone for gold and silver secured Peer to Peer (P2P) loans
PRESS RELEASE
For Immediate Release
19 December 2017
Silver Bullion reaches $50m milestone for gold and silver secured Peer to Peer (P2P) loans
- Loan volume doubled in 2017 from the previous year
- Loans as much as US$300,000 have been matched on the platform
More than S$50 million has been borrowed on Silver Bullion’s (www.silverbullion.com.sg) bullion secured P2P loan platform. Over S$30 million of these loans were made in 2017 alone – more than double the volume of loans made in 2016.
The Silver Bullion gold and silver secured P2P lending platform matched an average of 2.94 loans per day this year so far. The highest loan amount matched on the platform this year so far was $300,000 U.S dollars.
First launched in August 2015, Silver Bullion’s gold and silver secured P2P lending platform continues to have zero loan defaults. This has given lenders confidence to lend their funds safely for returns between 2 and 5 percent per annum.
Silver Bullion’s CEO and founder, Gregor Gregersen, said: “Our P2P lending platform has shown that it is scalable for both small and large loan amounts. Loans can be matched quickly in seconds providing convenience to bullion owners seeking to unlock funds from their physical precious metals.”
“At the end of the day, good lending is underscored by loans being repaid. I am delighted that our P2P lending platform has seen strong growth whilst continuing to have zero loan defaults and no late repayments to lenders.”
Unlike unsecured P2P lending platforms, loans matched by Silver Bullion’s P2P loan platform are fully backed by borrowers’ physical gold and silver held at its vault, The Safe House, in Singapore. Loans are secured by 200% worth of borrowers’ precious metals for loan tenures between 6 months to 24 months. Only the 1-month loans can be funded with a lower ratio of 160%.
Silver Bullion’s innovative bullion secured P2P loan platform was nominated as one of the finalists in the Monetary Authority of Singapore (MAS) Fintech Awards 2016. It is one of the few secured P2P lending platforms in the world that allows owners of precious metals to unlock capital from their vaulted assets.
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Media Contact - Vincent Tie
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