Executive Summary
In November, InSoil saw strong investment activity with a total of €3.64 million committed. Meanwhile, €3.53 million was used to fully finance 64 farmer loans during the month. With this latest activity, our total loan issuance has reached €94.29 million since inception.
To date, farmers have successfully repaid €47.85 million in principal to our investors, along with €9.72 million in interest and €2.01 million in delayed interest.
In November alone, investors received €2.45 million in repayments:
- €2.14 million in principal
- €252 thousand in interest
- €60 thousand in delayed interest
Looking ahead, €2.61 million in repayments is scheduled for December 2025.
Portfolio Performance Overview
Based on the repayment schedule, 76.3% 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 €11.43 million, representing 12.1% of the total issued amount.
Portfolio Health by Rating (Scheduled Basis)
| Rating | Current and Repaid | ≤30 Days | 31-60 Days | 61-90 Days | >90 Days |
|---|---|---|---|---|---|
| A+ | 81.9% | 17.3% | 0.1% | 0.0% | 0.7% |
| A | 83.2% | 4.3% | 2.8% | 1.4% | 8.3% |
| B+ | 74.9% | 6.1% | 5.4% | 1.6% | 12.0% |
| B | 73.7% | 5.1% | 4.5% | 2.0% | 14.7% |
| C+ | 61.3% | 8.7% | 1.8% | 3.2% | 25.1% |
| C | 79.1% | 0.0% | 1.6% | 1.6% | 17.6% |
| Total | 76.3% | 6.0% | 3.9% | 1.7% | 12.1% |
Portfolio Health by Country (Scheduled Basis)
| Country | Current and Repaid | ≤30 Days | 31-60 Days | 61-90 Days | >90 Days |
|---|---|---|---|---|---|
| Bulgaria | 62.0% | 3.5% | 0.1% | 1.2% | 33.2% |
| Latvia | 85.5% | 6.8% | 2.7% | 0.0% | 5.0% |
| Lithuania | 84.7% | 4.0% | 4.1% | 1.4% | 5.8% |
| Poland | 53.0% | 14.2% | 4.6% | 3.0% | 25.3% |
| Portugal | 64.8% | 0.9% | 1.4% | 1.2% | 31.7% |
| Total | 76.3% | 6.0% | 3.9% | 1.7% | 12.1% |
Actual Payment Performance
The following tables demonstrate farmers’ repayment habits in a more detailed manner by depicting loans with factual repayment delinquencies. As of now, 83.3% of payments have either been made within the last 30 days or have already been fully settled.
By Rating (Actual Payment Performance)
| Rating | Payment Made (Last 30 Days or Repaid) | 31-60 Days | 61-90 Days | 91-360 Days | >360 Days |
|---|---|---|---|---|---|
| A+ | 92.9% | 6.6% | 0.0% | 0.1% | 0.5% |
| A | 89.9% | 5.4% | 0.4% | 1.3% | 3.0% |
| B+ | 80.9% | 7.0% | 2.1% | 2.9% | 7.2% |
| B | 81.4% | 5.2% | 1.3% | 4.4% | 7.7% |
| C+ | 67.4% | 7.3% | 1.6% | 4.6% | 19.0% |
| C | 80.3% | 1.8% | 0.3% | 3.1% | 14.4% |
| Total | 83.3% | 5.8% | 1.2% | 3.0% | 6.7% |
By Country (Actual Payment Performance)
| Country | Payment Made (Last 30 Days or Repaid) | 31-60 Days | 61-90 Days | 91-360 Days | >360 Days |
|---|---|---|---|---|---|
| Bulgaria | 66.0% | 6.1% | 4.9% | 11.3% | 11.7% |
| Latvia | 91.6% | 3.4% | 0.0% | 1.5% | 3.5% |
| Lithuania | 89.2% | 6.0% | 1.2% | 1.2% | 2.4% |
| Poland | 69.9% | 6.0% | 0.2% | 6.7% | 17.1% |
| Portugal | 66.6% | 1.8% | 0.1% | 0.3% | 31.2% |
| Total | 83.3% | 5.8% | 1.2% | 3.0% | 6.7% |
Quarterly Portfolio Performance
The graph demonstrates loan originations, principal repayments, and interest payments for each quarter according to the repayment schedules. The portfolio continues to show strong growth through 2025 Q3, with increasing current principal balances reflecting the scaling of operations.
Fully Repaid Loans in November 2025
In November, 47 regular loans and 3 green loans were fully repaid to InSoil investors. The repaid regular loans delivered an average actual return of 13.77%, with individual returns ranging from 3.52% to 28.61%.
The total principal repaid across these loans amounted to €1,025,199. Investors received €181,431 in interest and an additional €11,373 in late payment interest.
Regular Loans Summary
- Total Principal: €1,025,199
- Total Interest: €181,431
- Late Payment Interest: €11,373
- Weighted Average Return: 13.77%
- Return Range: 3.52% – 28.61%
Detailed Regular Loans Table
| Project | Rating | Terms (months) | Amount (€) | Interest (€) | Delay Interest (€) | Return (%) |
|---|---|---|---|---|---|---|
| LT0003042 | B | 2 | 9,000 | 387 | 0 | 28.61 |
| LT0002009 | B | 19 | 15,000 | 2,106 | 617 | 17.23 |
| BG0001030 | B | 35 | 5,000 | 1,461 | 0 | 16.68 |
| LT0002937 | B | 4 | 15,000 | 798 | 0 | 15.80 |
| LT0002102 | A | 17 | 15,000 | 1,727 | 185 | 15.64 |
| LT0002091 | A | 16 | 40,000 | 6,611 | 285 | 15.61 |
| LT0002115 | B | 16 | 15,000 | 1,727 | 132 | 15.49 |
| LT0002094 | B | 17 | 5,000 | 557 | 50 | 15.43 |
| LT0001780 | C | 23 | 5,900 | 830 | 108 | 15.39 |
| LT0001829 | A | 23 | 75,000 | 16,494 | 0 | 15.21 |
| LT0002343 | B | 12 | 15,000 | 1,995 | 181 | 15.17 |
| LT0002237 | A | 14 | 11,000 | 1,717 | 0 | 14.76 |
| LT0001695 | A | 24 | 15,000 | 3,156 | 0 | 14.74 |
| LT0001880 | A | 21 | 15,000 | 2,545 | 5 | 14.71 |
| LT0002121 | C | 16 | 12,000 | 1,306 | 0 | 14.70 |
| LT0001168 | A | 32 | 30,500 | 6,049 | 1,364 | 14.66 |
| LT0002363 | C | 11 | 10,000 | 1,286 | 0 | 14.36 |
| LT0002384 | B | 12 | 10,000 | 1,191 | 120 | 14.33 |
| LT0002220 | A | 14 | 15,000 | 2,432 | 5 | 14.31 |
| LT0002033 | B | 18 | 15,000 | 2,030 | 0 | 14.29 |
| LT0000752 | B | 42 | 103,000 | 27,585 | 1,473 | 14.22 |
| LV0001302 | A | 32 | 10,723 | 2,329 | 0 | 14.14 |
| LT0002791 | B | 7 | 13,500 | 1,055 | 37 | 14.01 |
| LT0002733 | A | 7 | 15,000 | 1,230 | 0 | 13.92 |
| BG0000308 | B | 48 | 14,316 | 3,227 | 903 | 13.83 |
| LT0001725 | C | 25 | 15,000 | 3,008 | 1 | 13.81 |
| LT0000326 | B | 49 | 8,000 | 1,987 | 250 | 13.80 |
| LT0001370 | B | 29 | 32,000 | 6,656 | 135 | 13.73 |
| LT0001022 | B | 36 | 7,200 | 1,472 | 90 | 13.67 |
| LT0002411 | A | 12 | 10,000 | 1,192 | 0 | 13.59 |
| LT0000941 | A | 38 | 75,800 | 19,507 | 82 | 13.44 |
| LT0002078 | C | 17 | 23,600 | 3,397 | 88 | 13.31 |
| LT0001012 | A | 36 | 15,000 | 3,067 | 0 | 13.26 |
| PT0000678 | B | 42 | 38,910 | 11,053 | 1,939 | 13.09 |
| LT0002109 | B | 17 | 50,000 | 7,176 | 0 | 12.78 |
| LT0002501 | C | 11 | 15,000 | 1,588 | 10 | 12.70 |
| LT0002864 | B | 5 | 12,750 | 638 | 0 | 12.69 |
| LT0002379 | B | 12 | 15,000 | 1,708 | 0 | 12.63 |
| PT0000597 | C | 44 | 11,000 | 2,878 | 100 | 12.49 |
| LT0001982 | A | 19 | 50,000 | 7,537 | 0 | 12.48 |
| LT0002682 | B | 8 | 30,000 | 2,440 | 0 | 12.44 |
| LT0001383 | A | 29 | 21,000 | 3,796 | 0 | 12.42 |
| LT0002963 | B | 4 | 15,000 | 377 | 0 | 12.33 |
| LT0002289 | A | 13 | 30,000 | 3,473 | 3 | 11.74 |
| LT0001271 | B | 31 | 15,000 | 1,062 | 2,328 | 11.30 |
| PT0000663 | A | 41 | 15,000 | 4,632 | 474 | 8.82 |
| BG0001041 | B | 36 | 15,000 | 957 | 408 | 3.52 |
| Total | 1,025,199 | 181,431 | 11,373 |
Green Loans Summary
- Total Interest: €0
- Total Principal: €300,000
- Late Payment Interest: €156
- Weighted Average Return: 0.04%
Detailed Green Loans Table
| Project | Rating | Terms (months) | Amount (€) | Interest (€) | Delay Interest (€) | Return (%) |
|---|---|---|---|---|---|---|
| LT0001461 | A | 29 | 86,000 | 0 | 54 | 0.04 |
| LT0002081 | A | 16 | 100,000 | 0 | 6 | 0.01 |
| LT0001445 | B | 28 | 114,000 | 0 | 96 | 0.06 |
| Total | 300,000 | 0 | 156 |
Loan Recovery Case Studies
The following case studies illustrate InSoil’s comprehensive approach to debt recovery, demonstrating the effectiveness of legal enforcement, collateral realization, and structured negotiation across different markets.
BG0000308 – Terminated on 2024-03-31
The loan appeared to be uncollateralized, as no tangible assets were pledged aside from the borrower’s personal liability. After issuance, the borrower made regular payments, though instalments were frequently delayed by several weeks. Through 2022 and early 2023, repayments continued with increasing delays, and the borrower repeatedly committed to clearing overdue amounts through short-term arrangements.
By mid-2023, arrears accumulated further, and multiple partial repayments were made under weekly repayment agreements. From late 2023 into early 2024, delays exceeded several months, despite renewed promises to settle instalments. A strict demand was issued in March 2024, and after continued non-payment, the contract termination notice was sent. The loan agreement was formally terminated on 2024-03-31.
Following termination, an application was submitted to a notary, and a writ of execution was obtained. The case was transferred to a bailiff, who initiated enforcement actions and assessed the borrower’s financial situation. In late 2024, the borrower expressed intent to settle the debt and entered into an out-of-court repayment plan. In early 2025, a new payment schedule was formalized, though compliance remained irregular. Enforcement was reopened to ensure recovery, after which the borrower resumed payments, settling overdue instalments throughout 2025. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
LT0000326 – Terminated on 2024-07-13
The loan was secured by agricultural land used for berry production and a residential building in Sventoji, forming the main collateral package. From disbursement in late 2021 through mid-2023, the debtor generally made monthly payments, with occasional short delays and some partial instalments at year-end. By summer 2023, arrears began to accumulate, and from August onwards the borrower frequently failed to answer calls, prompting repeated SMS and email reminders and final overdue notices. In spring 2024, instalments for April, May, and June were paid with increasing delays, after which communication deteriorated and the borrower reported being unemployed and unable to repay. The loan agreement was formally terminated on 2024-07-13.
After termination, automated reminders were followed by strict demands and, in November–December 2024, the file was referred to a lawyer for legal recovery. An action was filed with the court, which later awarded the debt, and in March 2025 an enforcement order was issued and the case transferred to a bailiff. Court and enforcement fees were added to the schedule, and in April 2025 the bailiff initiated wage recovery by notifying the employer. Under pressure of enforcement, the debtor agreed to a structured instalment plan and began making repeated partial and then full payments on the overdue July 2024 instalment and subsequent periods, with regular payments recorded into late 2025. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
LT0001271 – Terminated on 2023-11-17
The loan was secured by agricultural land associated with a dairy farm and related farm buildings, with additional enforcement later extending to livestock and other assets. Until spring 2023, instalments were largely up to date, with the April 2023 payment made after a short delay. In mid-2023, the dairy business experienced a shortage of funds due to lower milk prices, and the borrower requested restructuring, but failed to provide additional collateral. Arrears increased, multiple reminders and strict demands were sent from June to October 2023, and the borrower’s promises to pay were not fulfilled. A contract termination notice was issued in October, and legal action was prepared. The loan agreement was formally terminated on 2023-11-17.
Following termination, Heavy Finance filed a court claim, which was accepted in late 2023. In 2024, recovery documents were handed to lawyers, and an enforcement document was subsequently issued, allowing the case to be transferred to a bailiff. The bailiff seized 20 mortgaged land plots and initiated recovery from salary and other income, while also freezing and attempting to value seized livestock. Throughout late 2024 and 2025, the bailiff continued to garnish income, and numerous partial and full payments were applied to overdue instalments from May 2023 through February 2024, followed by current instalments in November and December 2025. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
PT0000663 – Terminated on 2022-12-05
The loan was secured by a plot of land and several residential and ancillary buildings in Portugal, forming the primary collateral. During the initial period, instalments were paid, although the June 2022 payment already showed a significant delay. In the second half of 2022, the borrower fell into deeper arrears despite repeated reminders, strict demands, and promises to catch up on instalments. A contract termination notice with a seven-day cure period was issued in late November 2022, and after no satisfactory repayment followed, the loan agreement was formally terminated on 2022-12-05.
After termination, an enforcement order was issued at the end of 2022 and the debt was transferred to a bailiff. Court proceedings progressed through 2023 and early 2024, culminating in a legal instrument authorising seizure of the debtor’s assets and income. The bailiff attempted to seize movables at the debtor’s home, then proceeded to identify and seize four previously undeclared properties, registering encumbrances and preparing them for auction. Procedural delays arose from notification issues and public notice requirements, as well as judicial holidays, but recovery continued. In 2025, police-assisted inspections were scheduled, the seized properties were prepared for sale, and one pledged property was sold by the debtor, enabling full settlement of the claim. By November 2025, all overdue instalments were paid, including an early repayment closing the loan. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
BG0001041 – Terminated on 2023-03-29
The loan was secured by a commercial building and associated real estate owned by the borrowing company, together with the personal guarantee of its owner. Prior to default, the borrower experienced growing payment difficulties, leading to repeated reminders and short-term promises to regularise arrears in early 2023. A final overdue notice was issued in January 2023, followed by direct contact attempts and a contract termination notice in March. After continued non-payment, the loan agreement was formally terminated on 2023-03-29.
Following termination, Heavy Finance submitted documents to court, obtained a judgment against the borrower, and initiated enforcement with a bailiff. From mid-2023, the bailiff froze accounts and assets, scheduled inventories, and launched auctions of pledged property, while a separate claim was filed against the guarantor, whose assets were also frozen. In 2024, an out-of-court repayment plan was agreed through the bailiff but not honoured, so enforcement continued with expanded asset freezes, repeated inspections, valuations, and at least one property sale applied to the debt. Throughout 2024 and 2025, the bailiff completed property evaluations, prepared further auctions, and the debtor made staged partial and full payments on long-overdue instalments from late 2022 and 2023, with substantial repayments recorded in mid and late 2025. By the time all scheduled instalments for 2023 had been paid with significant delays, the enforcement balance was cleared. As a result of enforcement measures, the outstanding debt was fully recovered and the loan was closed.
Recovery from Defaulted Loans
In November 2025, €90,329 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 €5.05 million.
The chart represents recovery performance over time by cohort. Loans that defaulted in 2021 H2 have achieved a 110.35% recovery rate (principal plus interest and penalties), demonstrating the effectiveness of InSoil’s recovery processes. More recent cohorts continue to show steady improvement as recovery efforts progress.
Key Insights
Performance by Rating:
- A+ rated loans demonstrate the strongest performance with 81.9% current or repaid
- B and C+ rated loans show higher delinquency rates, with over 90 day overdue rates of 14.7% and 25.1% respectively
- Overall portfolio maintains a healthy 76.3% current and repaid status
Performance by Country:
- Lithuania and Latvia lead with 84.7% and 85.5% current and repaid rates respectively
- Bulgaria and Portugal face challenges with over 90 day overdue rates exceeding 30%
- Poland shows 25.3% of loans overdue by more than 90 days, requiring focused attention
Actual Payment Performance:
- 83.3% of all payments have been made within the last 30 days or loans are fully repaid
- A+ loans show exceptional payment discipline at 92.9%
- C+ loans require additional attention with only 67.4% current payment status
Recovery Effectiveness:
- All five case studies demonstrate successful full recovery through enforcement measures
- Recovery methods include wage garnishment, collateral seizure and sale, property auctions, and structured repayment plans
- Multi-jurisdictional recovery capabilities across Bulgaria, Lithuania, and Portugal
- Average recovery timeline ranges from 12 to 36 months from termination to full closure
Looking Ahead
With €2.61 million scheduled for repayment in December 2025, InSoil continues to maintain strong operational momentum. The portfolio demonstrates resilience with over three-quarters of loans performing on schedule, while active recovery efforts continue on overdue accounts.
Make sure to visit our project page at https://finance.insoil.com to see the latest investment opportunities available on our platform.
Happy investing!
InSoil Team
