Peer-to-peer borrowers on South Korean lending platform Tera Funding had repaid 202.4 billion won ($180.6 million) in loans without becoming overdue, as of end-June, according to the startup on Monday.
This marked the first time that a Korean P2P lending platform extended loans over 200 billion won and had the borrowing fully compensated, the startup said.
Founded in 2014 by former banker and foreclosure freelancer Yang Tae-young, Tera Funding has been dedicated to financing projects for real estate development.
The platform has experienced over 10 cases of loans becoming overdue in the past three years due to delays in construction. But principals for the crowdsourced investment have been guaranteed in all cases because of its portfolio made up of senior debt, according to the company. Also, the startup houses 31 loan officers capable of screening out small real estate projects subject to default.
By Son Ji-hyoung