Profit Farm Repays Two Loans and Launches Another €370,000 Loan
Founded with the objective of offering returns of up to 8% per year, Profit Farm relies on (and is an agent of) LemonWay to raise capital for its campaigns: an EU payment institution authorized to operate in as many as 29 countries, including Italy, and subject to the control of the Bank of France. Users create their own account on Profit Farm and transfer the amount they wish to lend to a special account in the name of LemonWay.
Profit Farm, an innovative Italian lending crowdfunding platform founded in mid-January 2021 and dedicated to receivables from the Public Administration (PA), receivables from equally solvent private parties, and secured loans, has repaid two loan transactions.
The first is Magnolia1, worth $41,700 (€36,500), uploaded on the platform last April and related to the purchase of tax credits, a segment that Profit Farm presides over next to those receivable from the Public Administration. Magnolia1 reported an average level of individual loans of just over 2 thousand euros. In addition to the capital loaned, the lenders were also paid 4% gross interest after six months (based on an annual rate of 8%).
The second transaction settled is Magnolia2, worth $21,700 (€19,000), again regarding tax credits, repaid after 7 months at an interest rate of over 5% (again based on an annual rate of 8%).
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Moreover, currently, Profit Farm launched the new Grand Canyon 1 campaign, relating to a receivable due from the Public Administration, worth $423,000 (€370,000)
Cristiano Augusto Tofani, president, and co-founder of Profit Farm, commented: “We have reached the eleventh campaign in a few months since our entry into the market. The last two collections were completed in 26 minutes and the next one in only 4, confirming that we represent an interesting investment opportunity. In addition, the speed with which Profit Farm operates and the different possibilities offered to savers with different financing capacities, make our model extremely effective also for those who have difficulty in finding an offer able to guarantee an interesting remuneration with a risk profile similar to that of government bonds.”
Profit Farm is controlled by a stable group of operating partners: Risolve RE Npl srl, Roman servicer of real estate npl; Tofani himself; Valentina Barbadoro, almost total partner of Risolve RE NPL; Roberto Macina, always an active investor on Italian startups; Mario Costanzo, co-founder of WDA srl and chief legal officer; Francesco Sibilla, partner of the law firm SAPG Legal, expert in, among other things, corporate law, innovative startups, and legal-tech; Giovanni Alessi, also a partner of SAPG Legal, expert in asset management, advisor to family offices and partner of Il Trust in Italia. The remaining 6% is in the hands of financing partners, without active roles in the company. Last November, Carmine Saladino, founder of the Italian system integrator Maticmind, participated by Fondo Italiano Consolidamento e Crescita – FICC, managed by Fondo Italiano d’Investimento sgr, also entered the capital.
Founded with the objective of offering returns of up to 8% per year, Profit Farm relies on (and is an agent of) LemonWay to raise capital for its campaigns: an EU payment institution authorized to operate in as many as 29 countries, including Italy, and subject to the control of the Bank of France. Users create their own account on Profit Farm and transfer the amount they wish to lend to a special account in the name of LemonWay, which they can then use to participate in individual campaigns featured on the platform. When the loan matures, users will be credited back the amount they have financed, plus the agreed-upon annual interest accrued.
Profit Farm offers lenders the opportunity to “lend” through lending crowdfunding capital for the purchase of receivables due and in fact “armored” (because, for example, assisted by a final judgment or another title substantially equivalent) claimed by companies and organizations against the Public Administration, central or local, or other private entities equally solvent. The credit positions selected by Profit Farm for the campaigns are those that the State or the private party are required to settle in the short term (6-24 months), having already closed the related judicial process with a final judgment, or another equivalent final title, in favor of the creditor. A procedure that provides that the creditor must be paid not only the capital but also the legal interest on arrears of 8% per annum.
(Featured image by stevepb via Pixabay)
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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