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Post by: zoolender on September 10, 2014, 11:00:00 PM
Post by: zoolender on September 10, 2014, 11:00:00 PM
Hi,
Long-time investor in Lending Club, first time forum poster. I've found that in the last half year or so, I've not been able to sell any notes on folio, the trading platform. Doesn't seem to matter how low I price the notes for.
Is anyone else experiencing this? Would love to see what others' experience with selling their notes have been in the recent months.
Thanks.
Long-time investor in Lending Club, first time forum poster. I've found that in the last half year or so, I've not been able to sell any notes on folio, the trading platform. Doesn't seem to matter how low I price the notes for.
Is anyone else experiencing this? Would love to see what others' experience with selling their notes have been in the recent months.
Thanks.
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Post by: rawraw on September 10, 2014, 11:00:00 PM
Post by: rawraw on September 10, 2014, 11:00:00 PM
I sell notes biweekly. Normally around 40-50 at a time and they sell pretty quickly.
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Post by: GS on September 10, 2014, 11:00:00 PM
Post by: GS on September 10, 2014, 11:00:00 PM
Can you give us an example of what you are trying to sell, and how much you are asking?
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Post by: Lovinglifestyle on September 10, 2014, 11:00:00 PM
Post by: Lovinglifestyle on September 10, 2014, 11:00:00 PM
Where my selling price kicks in for lates:
16+ days late: -70%
31+ days late: -90%
16+ days late: -70%
31+ days late: -90%
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Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
Thanks for the responses.
I was pricing them based on blogs & Nickel Steamroller...read somewhere quite a while ago of someone who priced in grace period notes at 2-3% discount and was successful. And that sort of worked for a while.
Late notes are being priced from 25-75% off depending on degree of lateness.
From what Lovinglifestyle shared, I must not be pricing aggressively enough. I'll give that a try.
I was pricing them based on blogs & Nickel Steamroller...read somewhere quite a while ago of someone who priced in grace period notes at 2-3% discount and was successful. And that sort of worked for a while.
Late notes are being priced from 25-75% off depending on degree of lateness.
From what Lovinglifestyle shared, I must not be pricing aggressively enough. I'll give that a try.
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Post by: RaymondG on September 10, 2014, 11:00:00 PM
Post by: RaymondG on September 10, 2014, 11:00:00 PM
I sold several 31+late notes in last two weeks. Most of them were sold soon after I marked price down to less than -90%. Could you provide an loan ID of what you are selling -90%? I may try to buy it to see if it will work. No more than $2 please.
Update: actually 60+PD for -90% discount.
Update: actually 60+PD for -90% discount.
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Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
Sorry, my lates are all gone now.
I'm working on a batch of Graces at -20% so far.
I'm working on a batch of Graces at -20% so far.
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Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
Post by: TravelingPennies on September 10, 2014, 11:00:00 PM
You guys are selling 31 PD for 90% discount? Maybe Fred is onto something. . .
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Post by: Fred on September 11, 2014, 11:00:00 PM
Post by: Fred on September 11, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
If I knew how to program, I'd be more active on Folio. I think there is a lot of mispricing going on there.
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Post by: hoggy1 on September 11, 2014, 11:00:00 PM
Post by: hoggy1 on September 11, 2014, 11:00:00 PM
I found a couple beauty's last week. Someone was selling all their $25 newly late 16+ days notes for $10 even. I bought 2 that had 2 or 3 on time payments and otherwise looked good and both came current within the week.
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Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
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Post by: Ran on September 11, 2014, 11:00:00 PM
Post by: Ran on September 11, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
Post by: TravelingPennies on September 11, 2014, 11:00:00 PM
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Post by: thezfunk on September 15, 2014, 11:00:00 PM
Post by: thezfunk on September 15, 2014, 11:00:00 PM
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Post by: Lovinglifestyle on September 15, 2014, 11:00:00 PM
Post by: Lovinglifestyle on September 15, 2014, 11:00:00 PM
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Post by: rawraw on September 15, 2014, 11:00:00 PM
Post by: rawraw on September 15, 2014, 11:00:00 PM
Do you guys ever think you may be reducing your return by avoiding defaults? May be a psychological discomfort vs an actual financial one.
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Post by: thezfunk on September 15, 2014, 11:00:00 PM
Post by: thezfunk on September 15, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 15, 2014, 11:00:00 PM
Post by: TravelingPennies on September 15, 2014, 11:00:00 PM
My point of view is your waiting too long. Identify notes that are having serious fico drops but still current. You get better pricing. I normally still make a 8 percent or so cash return on original investment and greatly reduce the defaults I experience
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Post by: TravelingPennies on September 15, 2014, 11:00:00 PM
Post by: TravelingPennies on September 15, 2014, 11:00:00 PM
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Post by: Fred on September 16, 2014, 11:00:00 PM
Post by: Fred on September 16, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 16, 2014, 11:00:00 PM
Post by: TravelingPennies on September 16, 2014, 11:00:00 PM
My record was buying a $2.00 note on Folio and receiving 24 dollars worth of payments until it defaulted.
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Post by: DanB on September 17, 2014, 11:00:00 PM
Post by: DanB on September 17, 2014, 11:00:00 PM
My Folio record was buying a $480 odd note that was 31 + late for under $2. Due to nothing other than sheer good luck (I'm sure) 
the note went back to current the day after my purchase settled. I then sold it 2 days later for $445 or so.
This was around a year ago when I was having highly charged discussions with Core on a regular basis & felt that I needed to better understand predatory behaviour. What better way to understand that than to become one for a while, right? Of course I would never be bold enough to compare my amateur forays into the world of predators to what I can only imagine is the consistent evisceration that a true predator like Core exacts on some of you traders.
the note went back to current the day after my purchase settled. I then sold it 2 days later for $445 or so. This was around a year ago when I was having highly charged discussions with Core on a regular basis & felt that I needed to better understand predatory behaviour. What better way to understand that than to become one for a while, right? Of course I would never be bold enough to compare my amateur forays into the world of predators to what I can only imagine is the consistent evisceration that a true predator like Core exacts on some of you traders.
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Post by: core on September 17, 2014, 11:00:00 PM
Post by: core on September 17, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 17, 2014, 11:00:00 PM
Post by: TravelingPennies on September 17, 2014, 11:00:00 PM
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Post by: TravelingPennies on September 17, 2014, 11:00:00 PM
Post by: TravelingPennies on September 17, 2014, 11:00:00 PM
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Post by: AnilG on September 17, 2014, 11:00:00 PM
Post by: AnilG on September 17, 2014, 11:00:00 PM
Several PeerCube users mentioned that first time they took quite a while, as much as a month, to list all current declining FICO notes on FOLIOfn. But once they cleared out the backlog, it doesn't take long to check their portfolio weekly, identify such loans and list on FOLIOfn.
from: Lovinglifestyle on September 16, 2014, 03:46:04 PM
from: Lovinglifestyle on September 16, 2014, 03:46:04 PM
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Post by: TravelingPennies on September 17, 2014, 11:00:00 PM
Post by: TravelingPennies on September 17, 2014, 11:00:00 PM