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Messages - gamassey

#1
Investors - LC / Was LC closed on Columbus day?
October 13, 2014, 11:00:00 PM
I saw no activity on my account Monday, were they closed?
#2
http://dealbook.nytimes.com/2014/08/27/lending-club-leader-in-peer-to-peer-plans-i-p-o/" class="bbc_link" target="_blank">http://dealbook.nytimes.com/2014/08/27/lending-club-leader-in-peer-to-peer-plans-i-p-o/

From the article:
From the start, the company has focused on relatively safe loans, using advanced computer algorithms that measure borrowers' creditworthiness. Customers with a FICO score of at least 660 can borrow up to $35,000 for three- or five-year loans. That is largely the kind of lending that big global banks have shied away from, since they are too small to pay meaningful profits.

Yet for Lending Club, the enterprise can prove lucrative. While rates on loans can start at below 7 percent, the average interest rate is about 14 percent, which still remains below standard credit cards. (The lenders can choose how risky of a loan they want to underwrite.) The company takes a small cut of that percentage and pays the rest to investors in the loans.

The demand for peer-to-peer borrowing has propelled Lending Club's expansion in recent years. It originated $1.8 billion worth of loans in the first six months of the year, more than doubling what it did in the same time last year.

Its revenue surged 134 percent, to $86.9 million. And its adjusted earnings before interest, taxes, depreciation and amortization which excludes some noncash charges, rose 55 percent, to $5.9 million.

But marketing expenses and the costs of growth have weighed on the bottom line. The company slid to a $16.5 million loss in the first half of the year from a small $1.7 million profit in the same time last year.

Still, the promise of the peer-to-peer industry has attracted some of the very institutions that Lending Club and others have sought to displace. Drawn by the promise of returns as high as nearly 9 percent, big mutual funds and hedge funds have flocked to help fund loans on these online marketplaces.

So popular has peer-to-peer lending been among big institutions that Lending Club and its competitors have had to put limits on how many loans they can buy, as well as how quickly they can bid on coming loans.

The presence of Wall Street is also on its board, which includes Lawrence H. Summers, the former Treasury secretary; John J. Mack, the former chief executive of Morgan Stanley; and Mary Meeker, the venture capitalist and onetime star Internet analyst.
#3
Investors - LC / Regression Trees
June 05, 2014, 11:00:00 PM
I have always thought that a neural net was the best way to build loan prediction systems.

http://www.r-bloggers.com/using-neural-networks-for-credit-scoring-a-simple-example/" class="bbc_link" target="_blank">http://www.r-bloggers.com/using-neural-networks-for-credit-scoring-a-simple-example/
#5
Investors - LC / Give up some numbers.
April 16, 2014, 11:00:00 PM
In Funding:  42
Issued & Current:  1,221
In Grace Period:  4
Fully Paid:  33
Late 16 - 30 Days:  1
Late 31 - 120 Days:  9
Default:  3
Charged Off:  2
NAR: 14.32%

99% are $25 loans.  I hand pick only the finest high interest loans and hope for the best.  All interest is being re-invested until I double my initial investment.
#6
Investors - LC / How much discount is typical
September 25, 2013, 11:00:00 PM
I finally have a note that is 30 days late and I am thinking about selling it on Folio.  It is a 36 month $25 B4 note with a 12.25% rate.  No payments have been made, and it has been referred to a collection service.  Does anyone have some general guidelines on how to price it?

https://www.lendingclub.com/account/loanDetail.action?loan_id=6177400" class="bbc_link" target="_blank">https://www.lendingclub.com/account/loanDetail.action?loan_id=6177400

Thanks,

Allen
#7
Investors - LC / 6 loans fully paid since May
August 27, 2013, 11:00:00 PM
#8
Investors - LC / 6 loans fully paid since May
August 27, 2013, 11:00:00 PM
Could it be that paying the LC loan on time for 12 to 18 months boosts the credit score enough that they can borrow money at a much lower interest rate?
#9
I will buy low interest A loans on LC and sell them quickly on Folio for a small profit.

Allen
#10
I have tried to ask the applicant questions a few times and the loan is always funded before I ever get an answer back.  So I was wondering if anyone even tries to ask questions anymore?  It seems like a complete waste of time now.

Allen
#12
Investors - LC / Finally had my first defaut—
July 24, 2013, 11:00:00 PM
https://forum.lendacademy.com/index.php?topic=987.msg9764#msg88888888Quote"> from: pplinvestor on July 25, 2013, 10:42:49 AM
#13
Thanks for the information.  There must be some very compelling reason why so many people are paying off these loans in the first 2 or three payments.  The cost to the person is crazy high after they have paid the origination fee, so something odd is happening.

I wonder if these are young people with parents that have some money saved.  When the parent learns their child has taken out a 15% loan they smack them on head and offer to pay it off for them.
#14
I have about 400 loans funded, and the very first loan that puts any money back in the account pays in full. Earned 19 cents on that $25 investment. 

https://www.lendingclub.com/account/loanDetail.action?loan_id=5778039" class="bbc_link" target="_blank">https://www.lendingclub.com/account/loanDetail.action?loan_id=5778039
 
#15
Investors - LC / Automated Investment tools
July 13, 2013, 11:00:00 PM
Does anyone use https://www.bluevestment.com/" class="bbc_link" target="_blank">https://www.bluevestment.com/

It looks like useful tool, but I do not want to give a unknown third party my LC username and password. 

If Bluevestment is already being used and trusted by lots of people then I would like to try it.