Article 13
Information to be considered for loan valuation
1. When valuating each loan as referred to in Article 4(4), point (e)(i), of Regulation (EU) 2020/1503, crowdfunding service providers shall:
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(a) |
conduct a valuation of the loans granted to project owners taking account of sufficient and updated information; |
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(b) |
conduct the valuation within 3 months before the granting of the loan. |
2. For the purposes of paragraph 1, at the point of loan origination, crowdfunding service providers shall consider all of the following factors:
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(a) |
the maturity of the loan; |
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(b) |
the frequency of instalment payments and expected future cash flows; |
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(c) |
whether there is any prepayments option provided for in the loan contract; |
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(d) |
a risk-free interest rate to discount the payments made out of the loan; |
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(e) |
the interest rate set out in the loan agreement; |
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(f) |
the probability of default by the project owner as laid down in Article 1(1) of Commission Delegated Regulation (EU) 2022/2115 (5); |
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(g) |
the value of any collateral, if any, that the project owner has used as part of the loan agreement; |
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(h) |
any guarantees and the level of protection provided by those guarantees. |
3. For the purposes of paragraph 1, after the point of loan origination, the crowdfunding service provider shall take account, in addition to the factors referred to in paragraph 2, of the following factors:
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(a) |
the time to maturity of the loan; |
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(b) |
expectation of future losses. |
4. When crowdfunding service providers, in accordance with Article 4(4), point (e)(iii), of Regulation (EU) 2020/1503, conduct the valuation of a loan following a default, they shall carry out the valuation of collateral and guarantees in a conservative manner and shall consider other fees and expenses related to debt collection.
(5) Commission Delegated Regulation (EU) 2022/2115 of 13 July 2022 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying the methodology for calculating default rates of loans offered on a crowdfunding platform (OJ L 287, 8.11.2022, p. 33).