In July, InSoil saw a strong inflow of investments, with a total of 2.07 million EUR committed. Meanwhile, 1.97 million EUR was used to completely finance 51 farmer loans during the month. With this latest activity, our total loan issuance has reached 84.67 million EUR since inception.
To date, farmers have successfully repaid 40.55 million EUR in principal to our investors, along with 8.66 million EUR in interest and 1.81 million EUR in delayed interest. In July alone, investors received 998 thousand EUR in repayments, including 661KM EUR in principal, 285K EUR in interest, and 52K EUR in delayed interest. Looking ahead, 1.28 million EUR in repayments is scheduled for August 2025.
Based on the repayment schedule, 79.7% of loans are being paid on time or have already been repaid. Meanwhile, loans with a principal overdue by more than 90 days amount to 9.90M EUR, representing 11.6% of the total issued amount.
| Rating | Current and repaid | <=30 | 31-60 | 61-90 | >90 |
|---|---|---|---|---|---|
| A+ | 92.0% | 0.9% | 6.3% | 0.2% | 0.6% |
| A | 86.4% | 3.1% | 1.9% | 0.3% | 8.2% |
| B+ | 79.5% | 4.7% | 1.8% | 2.4% | 11.6% |
| B | 75.8% | 5.1% | 4.5% | 1.3% | 13.4% |
| C+ | 65.5% | 1.4% | 7.5% | 2.1% | 24.5% |
| C | 73.8% | 2.5% | 1.2% | 1.3% | 21.1% |
| Total | 79.7% | 4.0% | 3.3% | 1.3% | 11.6% |
| Country | Current and repaid | <=30 | 31-60 | 61-90 | >90 |
|---|---|---|---|---|---|
| Bulgaria | 63.7% | 2.6% | 4.3% | 4.8% | 24.6% |
| Latvia | 88.6% | 6.4% | 0.4% | 0.2% | 4.4% |
| Lithuania | 87.9% | 2.4% | 2.7% | 0.7% | 6.3% |
| Poland | 57.9% | 10.0% | 5.8% | 2.5% | 23.8% |
| Portugal | 62.4% | 2.7% | 1.1% | 0.7% | 33.2% |
| Total | 79.7% | 4.0% | 3.3% | 1.3% | 11.6% |
The following table demonstrates the farmers’ repayment habits in a more detailed manner by depicting loans with factual repayment delinquencies. As of now, 86.0% of the payments have either been made within the last 30 days or have already been fully settled.
| Rating | Payment made in the last 30 days or repaid | 31-60 | 61-90 | 91-360 | >360 |
|---|---|---|---|---|---|
| A+ | 98.9% | 0.3% | 0.2% | 0.1% | 0.5% |
| A | 89.9% | 3.1% | 0.3% | 1.2% | 5.5% |
| B+ | 87.3% | 2.0% | 0.6% | 4.2% | 6.0% |
| B | 83.4% | 1.8% | 3.1% | 4.2% | 7.5% |
| C+ | 67.2% | 3.8% | 5.5% | 6.3% | 17.2% |
| C | 77.7% | 0.0% | 2.3% | 6.5% | 13.5% |
| Total | 86.0% | 2.1% | 1.7% | 3.4% | 6.9% |
| Rating | Payment made in the last 30 days or repaid | 31-60 | 61-90 | 91-360 | >360 |
|---|---|---|---|---|---|
| Bulgaria | 75.2% | 3.1% | 4.4% | 7.3% | 10.0% |
| Latvia | 95.0% | 0.0% | 0.2% | 1.6% | 3.2% |
| Lithuania | 91.9% | 1.3% | 1.4% | 1.8% | 3.6% |
| Poland | 70.6% | 5.2% | 2.2% | 8.1% | 14.0% |
| Portugal | 65.0% | 1.0% | 0.1% | 1.4% | 32.5% |
| Total | 86.0% | 2.1% | 1.7% | 3.4% | 6.9% |
The graph below demonstrates the loan originations, principal repayments, and interest payments for each quarter according to the repayment schedules. For example, during Q2 of 2021, 4.01M EUR of loans were funded, of which 3.66M EUR has already been repaid along with 664K EUR of interest. 41 K EUR of current principal and 300K EUR is overdue for over 90 days. (If at least 1 installment is overdue, we treat the whole principal amount as being late).
Fully repaid loans in July
In July, 24 regular loans and three green loans were fully repaid to InSoil investors. The repaid regular loans delivered an average actual return of 15.56%, with individual returns ranging from 7.59% to 24.97%. Meanwhile, one green loan, terminated due to the debtor’s non-compliance with the loan agreement, has so far generated a return of 33.81% from interest and late payment penalties. All projects remain under monitoring for carbon credit issuance and sales.
The total principal repaid across these loans amounted to €532K. Investors received €105K in interest and an additional €12K in late payment interest from the loans that were fully repaid during July.
| Regular Loans | ||||||
| Project number | Rating | Actual project terms, months | Loan amount | Interest, EUR | Delay interest, EUR | Annualized rate of return |
| LT0000608 | B | 39 | 15,000.00 | 3,717.59 | 1,935.31 | 24.97% |
| PL0002141 | A | 12 | 16,453.00 | 1,326.10 | 715.63 | 21.37% |
| BG0000935 | A | 33 | 15,000.00 | 2,541.51 | 576.87 | 20.45% |
| PT0000700 | B | 37 | 15,000.00 | 4,534.62 | 419.28 | 18.89% |
| LV0001633 | B | 22 | 15,000.00 | 3,788.29 | 226.56 | 18.22% |
| LV0002647 | A | 4 | 4,200.00 | 256.61 | 3.50 | 17.97% |
| BG0000880 | C | 35 | 8,500.00 | 2,526.49 | 53.52 | 17.44% |
| LT0001489 | B | 24 | 13,000.00 | 2,136.15 | 220.60 | 17.12% |
| PL0000669 | A | 38 | 30,609.00 | 7,338.91 | 855.88 | 17.09% |
| LV0000601 | B | 40 | 10,000.00 | 3,297.59 | 344.52 | 16.16% |
| BG0000330 | A | 44 | 32,000.00 | 6,433.64 | 894.30 | 15.38% |
| PL0002424 | B | 7 | 25,000.00 | 1,970.88 | 68.46 | 15.18% |
| LT0001690* | A | 21 | 40,000.00 | 9,787.70 | 354.40 | 15.15% |
| BG0000514 | B | 41 | 36,813.00 | 5,932.47 | 976.71 | 15.04% |
| LT0001199 | B | 29 | 85,000.00 | 21,938.84 | 1,047.66 | 14.93% |
| BG0000293* | B | 45 | 8,160.00 | 1,534.97 | 577.69 | 14.91% |
| BG0002010 | C | 14 | 19,560.00 | 2,903.64 | 109.97 | 14.41% |
| LT0002000 | B | 15 | 33,000.00 | 5,021.09 | 0.00 | 14.02% |
| LT0002101 | A | 12 | 17,000.00 | 1,972.41 | 0.51 | 13.27% |
| LT0001244 | B | 29 | 7,400.00 | 1,442.39 | 2.59 | 13.21% |
| LT0001893 | C | 17 | 28,000.00 | 4,345.88 | 34.75 | 13.10% |
| LT0001391* | B | 25 | 15,000.00 | 1,545.55 | 914.29 | 12.63% |
| PL0002565 | C | 6 | 15,000.00 | 785.83 | 1.70 | 11.36% |
| PT0000209* | A | 47 | 10,800.00 | 2,248.40 | 219.90 | 7.59% |
| Total: | 515,495 | 99,328 | 10,555 | |||
| Green Loans | ||||||
| Project number | Rating | Actual project terms, months | Loan amount | Interest, EUR | Delay interest, EUR | Anualized rate of return |
| PL0001796* | B | 19 | 16,000.00 | 5,299.22 | 1,086.60 | 33.81% |
| PL0002564 | B | 5 | 25,000.00 | 0.00 | 9.75 | 0.17% |
| LT0001711 | A | 20 | 26,500.00 | 0.00 | 0.00 | 0.00% |
| Total: | 16,000 | 5,299 | 1,087 | |||
*Five terminated loans were fully repaid in June 2025.
LT0001690 – Terminated on 2024-09-16
The loan was secured by four agricultural land plots with a total area of 11.58 ha, valued based on average market prices from the Central Statistical Office and the Agency for Restructuring and Modernisation of Agriculture. Additionally, the personal liability of the project owner was pledged.
Initially, the borrower made regular repayments, but from early 2024, payments became delayed, with arrears steadily increasing. Communication attempts escalated from reminders and SMS notifications to formal demands. The borrower cited expected grain sales and possible refinancing as reasons for delay, but failed to settle overdue amounts. Despite partial payments, the debt remained in default. Following repeated non-compliance, a contract termination notice was issued on 2024-09-05, and the loan agreement was formally terminated on 2024-09-16.
The creditor obtained a notarial writ of execution on 2024-10-15, and the case was referred to a bailiff, who seized the pledged assets on 2024-10-28. Property valuations were completed despite borrower objections and court challenges. Auctions for all four land plots were held on 2025-04-22, but initial winners failed to pay, resulting in repeat auction proceedings. In the meantime, instalment payments resumed in mid-2025, including an early repayment on 2025-07-30, covering the remaining debt. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
BG0000293 – Terminated on 2024-03-02
The loan was secured by several dairy production implements, including a refrigeration installation for cooling dairy products, a Blitz V-200 pasteurizer-cooler, a second-hand labeling electronic scale, and a two-chamber Henkelman Jumbo vacuum packaging machine.
From 2021 to mid-2023, the borrower made regular instalments, though delays of several weeks to months occasionally occurred. In the second half of 2023, payment delays became significant, with some instalments over 400 days overdue. The borrower frequently promised repayment, citing intentions to cover obligations partially over time, but arrears continued to accumulate. A strict demand for payment was issued in December 2023, followed by further delays. With no full repayment, the contract was terminated on 2024-03-02, and an application for a notarial writ of execution was filed shortly thereafter.
After termination, documents were submitted to the court, and a writ of execution was obtained by September 2024. Enforcement proceedings were initiated with the bailiff, with the expectation of selling pledged property if necessary. While the enforcement process was underway, the borrower resumed regular payments in late 2024 and into 2025, including partial settlements to reduce overdue amounts. By mid-2025, the outstanding obligations were cleared in full. As a result of enforcement measures, the outstanding debt was fully recovered, and the loan was closed.
LT0001391 – Terminated on 2024-02-19
The loan was uncollateralized, relying solely on the personal liability of the project owner as security. No tangible assets were pledged to secure the debt.
Initially, the borrower made regular monthly payments up to mid-2023. By late 2023, payments became irregular, with several instalments partially settled and arrears accumulating. Despite repeated reminder emails, SMS notifications, and strict demands for payment, the borrower failed to clear overdue amounts. In early February 2024, a formal termination notice was issued, granting seven days to repay the debt. As the borrower did not comply, the loan agreement was formally terminated on 2024-02-19.
Following termination, documents were prepared for legal proceedings, and a lawsuit was filed in court. In September 2024, the court process advanced with procedural orders, and by December 2024, a ruling on the debt was issued. In early January 2025, the writ of execution was submitted to the bailiff. Enforcement actions led to the recovery of EUR 8,447.67 from the debtor’s income in March 2025. Additional partial payments followed, including instalments in mid-2025, ultimately clearing the outstanding balance. As a result of enforcement measures, the outstanding debt was fully recovered, and the loan was closed.
PT0000209 – Terminated on 2022-08-16
The loan was uncollateralized, relying solely on the personal accountability of the project owner as security. No tangible assets were pledged under the loan agreement.
The borrower initially paid interest regularly from September 2021 to February 2022, though delays began early in 2022. In spring 2022, payments stopped, and communication revealed the borrower’s claims of prolonged illness and hospitalisation, with promises to settle arrears upon receiving subsidies. Despite extensions and strict payment demands, no repayment was made, and the loan agreement was formally terminated on 2022-08-16.
After termination, the case entered court proceedings. By mid-2023, the court ordered wage garnishment, with an average of EUR 400 per month being withheld. Enforcement also targeted the seizure and sale of a Yamaha motorcycle registered to the borrower. The process was delayed due to the debtor’s refusal to disclose its location, requiring police intervention. By late 2024, the motorbike had been located, with preparations for public auction. Throughout 2024 and 2025, salary garnishment continued steadily, and partial payments were regularly transferred from the bailiff to reduce the debt. By July 2025, instalments covering all overdue periods had been made. As a result of enforcement measures, the outstanding debt was fully recovered, and the loan was closed.
PL0001796 – Terminated on 2025-06-17
The Green Loan was secured by a 1994 CLAAS combine harvester valued at EUR 32,000 based on an independent property valuation, and by the personal liability of the project owner.
The borrower made instalment payments throughout 2024, though several were delayed, with arrears gradually increasing. By late 2024, multiple instalments were unpaid, despite repeated reminders, SMS notifications, and calls. Occasional repayment promises were made, citing seasonal income delays. In early 2025, HeavyFinance offered a pre-court settlement conditional on paying the four oldest instalments; however, the borrower failed to comply. Continued non-payment into spring 2025 led to the formal termination of the loan agreement on 2025-06-17, and in line with contractual terms, the fee applicable to terminated Green Loans was applied.
Following termination, the borrower promptly resumed repayment, settling overdue instalments from late June 2025 onward. From July to December 2025, all scheduled payments were made on time, fully clearing the outstanding debt. Enforcement actions were minimal as no asset seizure or auction was required. Although the loan is now officially closed and settled, the borrower’s carbon credit agreement remains active and unaffected. As a result of enforcement measures and resumed voluntary repayment, the outstanding debt was fully recovered and the loan was closed.
Recovery
In July 2025, 109K EUR was recovered from defaulted loans (loans in which the contract with the borrower was terminated and a hard recovery process initiated) and distributed to investors. The total recovered funds from defaulted loans amount to 4.63M EUR.
The chart below represents recovery in time. The principal amount that defaulted in 2021 H2 is recovered in full with interest, resulting in a 109.94% recovery rate.
Make sure to visit our project page to see the latest investment opportunities available on our platform. For those interested in our Green Loans, we encourage you to subscribe to our Carbon Monthly newsletter that will keep you informed on the latest developments within the carbon credits sector.
Happy investing!
InSoil team
