HeavyFinance Review: Peer to Peer Lending

HeavyFinance offers a secondary market that allows you to sell your investments before they are fully paid back. This tool is very useful if you decide to leave the platform or if you just want to free up some capital. You should keep in mind that there is a 1% selling fee when you sell loans on the HeavyFinance secondary market.

Most loans featured on HeavyFinance are to fund the purchase of large and expensive farm machinery. All loans are secured – mainly on farm equipment but in some cases on farmland too. HeavyFinance provides loan to value (‘LTV’) information on their site, based on the value of the collateral registered.

The team behind it have a track record in this space – CEO Laimonas Noreika previously founded another successful Lithuanian P2P site Finbee, while CFO Andrius Liukaitis previously led the IPO of the other P2P platform Neo Finance. Other members of the team have a background in equipment sales and leasing.

Heavy Finance recently introduced a new loan type - unsecured agricultural loans. Those loans allow you to invest in the working capital of farmers. Note that any specific assets do not secure those loans but solely rely on the accountability of the borrower to repay the debt. Unsecured loans on Heavy Finance come with a 2% higher interest rate than loans secured by collateral.