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OML

Our Microlending LLC

1 fund·$10M raised◔ Unclaimed
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Avg Composite
18.3
Mid pack
Active funds
1
of 1 vintage
Total raised
$10M
disclosed offerings
Followers
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Composite score · by vintage

1 scored fund · avg 18.3
2550752019Our Microlending LLC · vintage 2019 · 18.3
Top quartile Middle Lower Sponsor avg

Disclosures & prior history6 disclosures · worst medium

Material items extracted from the risk-factor, conflicts, and prior-performance sections of Our Microlending LLC's PPMs. Each is quoted verbatim with its source page — surfaced, not editorialized.

Adverse prior-fund performance disclosed — OUR MicroLending, LLC — high non-performing loan ratio

Medium

As of June 30, 2019, 12.83% of loans outstanding ($954,488 of $7,439,498 aggregate principal) were more than 180 days past due. As of December 31, 2018, 14.24% of loans outstanding were over 180 days past due. Allowance for loan losses was $515,020 at year-end 2018, covering only 43.76% of loans over 180 days past due.

“As of June 30, 2019, the aggregate principal balance of loans was $7,439,498, of which $954,488 was more than 180 days past due (12.83% of our loans outstanding). As of December 31, 2018, the aggregate principal balance of loans was $8,263,394, of which $1,176,989 was more than 180 days past due (14.24% of our loans outstanding); as of December 31, 2017, the aggregate principal balance of loans was $6,410,057, of which $988,256 was more than 180 days past due (15.42% of our loans outstanding)”
PPM p.797% confidence

Adverse prior-fund performance disclosed — OUR MicroLending, LLC — recurring operating losses and liquidity deficiency

Medium

The company reported a net loss of $108,002 for the year ended December 31, 2017, net income of only $44,907 in 2018 (aided by government grants), and net income of $5,515 for the six months ended June 30, 2019. Management warns it expects to incur net losses in the near future and has a material deficiency in its liquidity position. Accumulated deficit as of December 31, 2018 was $3,602,470.

“We have experienced operating losses and our liquidity has been reduced, and we could incur losses in the future. We had net income of $5,515 for the period ended June 30, 2019, $44,907 for the year ended December 31, 2018 and net loss of $(108,002) for the year ended December 31, 2017.”
PPM p.697% confidence

Material disclosure — Liquidity risk — $6.57 million in certificates maturing over next 12 months

Medium

Over the next 12 months from the offering date, $6,571,435 in existing investment certificates will mature. As of December 31, 2018, the company had only $955,562 in cash and cash equivalents. If rollover rates decline from historical levels (88-97%), the company may lack liquidity to repay certificate holders.

“Over the next 12 months, $6,571,435 in existing investment certificates will mature. As of December 31, 2018, we have Cash and Cash Equivalents of $955,562 that would permit us to make payments if those certificate holders decide not to roll-over their accounts.”
PPM p.1095% confidence

Key-person history disclosed — Concentration of ownership and control in Emilio M. Santandreu

Low

Emilio M. Santandreu, President, CEO and Managing Member, beneficially owns over 49.91% of outstanding equity interests (directly and through OUR Financial Holdings, Inc.). The ten largest owners collectively own 85.61% of equity. These owners can exercise considerable influence over all matters requiring owner approval.

“Our ten largest owners beneficially own, in the aggregate, approximately 85.61% of our outstanding equity interests. In addition, Mr. Santandreu, our CEO, President and Managing Member, is the beneficial owner of over 49.91% of our outstanding equity interests.”
PPM p.1095% confidence

Related-party conflict disclosed — Loans from Managing Member Emilio Santandreu, related company OUR Financial Holdings, and family members

Low

Between 2011 and 2014, the company received aggregate loans of $977,100 from the Managing Member (Emilio Santandreu) directly ($276,500) and through OUR Financial Holdings, Inc. ($700,600), a related company wholly owned by Santandreu. As of December 31, 2018, the company had $271,175 outstanding in loans from 7 individuals who are members, relatives of members, or related entities, bearing 12% interest with 36-month terms. No employment agreements exist. Santandreu and OUR Financial Holdings together control 49.91% of equity.

“Between 2011 and 2014, we received loans from Mr. Santandreu, directly ($276,500), and through a related company, OUR Financial Holdings, Inc. ('Financial Holdings'), ($700,600) in the aggregate principal amount of $977,100.”
PPM p.3495% confidence

Material disclosure — Unintentional prior usury violation — 2010 loans

Info

The company disclosed that a review of 2010 loan transactions indicated it may have unintentionally exceeded the maximum permitted Florida interest rate of 18% per annum. In 2010, the company reimbursed 66 affected borrowers in the aggregate amount of $2,429.

“A review of some of our loan transactions made in 2010 (i.e., loans already paid or otherwise written off) indicates that we may have unintentionally exceeded the maximum permitted rate. In 2010, we reimbursed the 66 affected borrowers with an aggregate reimbursement of $2,429, which is not material to our financial condition or results of operations.”
PPM p.993% confidence

Fund portfolio

● Active
Our Microlending LLC
Unknown · Debt · Vintage 2019
Offering
$10M
LP Take
—
Composite
18.3

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