The delay rate is the figure crowdlending platforms prefer not to highlight. And yet it is one of the most useful indicators for evaluating platform quality and calibrating investor expectations. A delay rate of 25% does not mean you will lose 25% of your capital, but it means one project in four will not repay on the scheduled date. This nuance is fundamental.
This article compiles publicly available data on delay rates by platform and sector, analyses what these figures actually mean, and proposes a method for building a portfolio that withstands inevitable delays.
Defining delay: what are we talking about?
The definition of a "delay" varies between sources. France FinTech, in its annual barometer, considers a project delayed when repayment occurs more than six months after the contractual maturity date. This is the definition most commonly used in France.
A delay is not a loss. Delayed projects resolve in several ways:
- Late repayment with interest: The developer eventually repays, sometimes with negotiated late penalties. The investor recovers capital and interest, potentially increased.
- Partial repayment: The developer repays part of the principal, the remainder in dispute or recovery proceedings.
- Permanent loss: The developer is in judicial liquidation and assets are insufficient to cover claims. The investor suffers partial or total loss.
Key takeaway: According to market data, approximately 60 to 70% of delayed projects eventually resolve, with late but complete or near-complete repayment. Permanent losses represent a fraction of delays, but that fraction varies considerably by platform and segment.
French market data: 2025 overview
| Segment | Delay rate >6 months | Permanent loss rate |
|---|
| Real estate crowdfunding (overall) | ~26% | ~5-7% |
| of which residential development | ~28% | ~4-6% |
| of which property dealer | ~22% | ~5-8% |
| of which commercial real estate | ~30% | ~6-10% |
| Renewable energy | ~5-8% | <1% |
| SME / business lending | ~35-40% | ~8-12% |
| Agriculture (Lande Finance) | <5% | 0% |
How to read platform-published statistics
- Reference date: A delay rate calculated across all projects since the platform's founding can mask recent deterioration. Look for data by vintage year (projects financed in 2021, 2022, 2023...).
- Numerator and denominator: Is the rate calculated by number of projects or by amount invested? A €2m delayed project counts as much as a €100k project in the first case, but twenty times more in the second.
- Delay definition: 30, 90 days or 6 months? Without this information, the raw figure is hard to compare.
Red flag: A platform displaying 0% delays on a portfolio of more than 50 projects with several years of history is not miraculous, it is probably concealing quietly-granted extensions that do not appear in official statistics. Zero is suspicious.
What to do when one of your projects is delayed
- Don't panic. A few months' delay on a real estate project in delivery phase is common. Construction accumulates setbacks for technical, administrative, and weather-related reasons.
- Follow platform communications. Serious platforms communicate on delayed projects: progress updates, reasons for the setback, repayment estimates. If a platform stops communicating on a troubled project, that is in itself a negative signal.
- Understand available recourse. In the event of default, the platform typically mandates a recovery firm or judicial administrator. As a creditor you have legal rights, but exercising them individually is complex. Platforms often organise collective creditor representation.
- Provision possible losses. If a project enters collective proceedings, mentally provision a partial or total loss. Judicial recovery takes time (2 to 5 years in complex cases) and does not guarantee full recovery.
Building a resilient portfolio
- No more than 5% of portfolio on a single project. At 5%, a total loss costs only 5 points of overall return, absorbable if the rest of the portfolio performs.
- Cross-platform diversification. If one platform experiences operational difficulties, all the projects it manages can be affected simultaneously.
- Cross-segment diversification. Mixing real estate (high return, moderate risk), renewable energy (moderate return, low risk) and agriculture (high return, low risk) creates a more stable overall profile.
Use our analysed project database to identify projects with the best guarantees and most conservative LTVs. Our methodology explains in detail how we weight these criteria.
Data updated Q1 2026. Sources: France FinTech, Forvis Mazars, platform publications. This article does not constitute investment advice.