Last Updated: 17.06.2019.
|Effective APR charged to borrowers:||14%-17%|
|Loans Outstanding on Mintos:||€ 1 641 435|
FIREOF Management (FIREOF) is an asset secured lending business whose mission is to provide a non-banking finance bridge to Spanish clients using the existing distribution channels. The company is a fully licensed and audited lending institution that operates a B2B model providing credit products through established intermediary brokers. This strategy allows FIREOF to scale its business faster than single origination models, turning the potential competitors into allocation partners. Its lending scoring, proprietary servicing network and zero friction application flow allows FIREOF to rapidly grow the origination portfolio.
The special purpose vehicles used for Mintos investors, FIREOF DM SL and Collateral Investments SL were incorporated in 2016 and 2015, while the holding company has been operating in real estate lending since 2009. FIREOF DM SL and Collateral Investments SL as pure cashflow SPVs have no employees nor liabilities except from Mintos investors assignments and its own equity investors and shareholders, adding an extra layer of security for investors on Mintos. FIREOF has eight full-time highly qualified senior employees with a total experience of more than 100 years in the Spanish real estate lending business.
|Risk category||Interest rate||Est. annual bad debt rate|
|AAA||5.00% – 6.00%||0.63% – 0.70%|
|AA||5.50% – 6.50%||0.95% – 1.04%|
|A||6.00% – 7.00%||3.76% – 4.15%|
|BBB||6.50% – 7.50%||5.04% – 5.57%|
|BB||-||5.79% – 6.40%|
|B||-||7.24% – 8.00%|
|C||-||9.78% – 10.81%|