P2P Lending / NFT Lending Forum

Core....there must be something in your eggs this morning.

I just listed two BK's on Folio for 98-cents.  Both have Principles around $20 and they are both showing up in Folio.

Interest Radar is picking up dozens of notes well under $4.00 with no problems, all listed within the past 24 hours.

Folio has a ton of notes currently listed, too.

"Any attorneys among us want to comment on whether there is anything of importance in the new Folio "Trading Agreement" notice/advisory? (see below)"

Anybody who needs a lawyer to understand that shouldn't be trading here to begin with.

With the Folio section of IR being down, I can't get an exact percentage of how many notes are listed for higher than 5% markup.  I can say, it's very, very high, with most of those probably being owned by Core!

Core....out of curiosity, how many notes do you currently have up for sale on Folio.

Man Oh Man!

Porno King.
World Class Gambler.
A real James Bond Type and wealthy playboy.

Dan...You must be the man because you said so.  A legend in your own mind.
Now I'm beginning to understand why Peter doesn't want you posting on the forum.

"I would not engage in back & forth discussions of this type on big soccer days...........when I tend to become more agitated than usual. I will keep my promise."

Dan...I fully understand and love going back-and-forth with you.  See ya the next time you're off your medication!

"I am 77 and only invest in C-G loans, but that's my "play" money and the money from the fixed income portion of my portfolio."

I have to agree with RLV99 on this one.  Not to be critical of your strategy, but I'm 54 and much more aggressive than you are.

At 27, you can afford to be more aggressive, and lower grade notes could provide you with double the yield with just a slight increase in risk.

I've got 3 different "Buy/Hold" strategies I use:

Folder 1.)  64% C and D Notes yielding 15.99%
Folder 2.)  72% C, D and E notes yielding 14.74%
Folder 3.)  90% B, C and D notes yielding 14.57%

I wouldn't be here for 6% or 7%.

If I recall, the general consensus of the board is that "A" grade loans aren't worth buying.  The return for the risk just isn't worth it despite the fact default rates appear lower on paper.  I remember reading a couple people actually sold off their high-grade notes just so they could reinvest the money in lower grade notes.

Defaults and Bankruptcies are a way of life around here, even on "A1" and "A2" notes.  There is no avoiding it.  However, you'll have the ability to sell a note on Folio at the first sign of trouble.  This will allow you to recover a large portion of your initial investment instead of watching it slide into Default as the months go by.

"I think I read on this forum that LC actually sends out letters to borrowers with good payment history whose credit score has increased a soliciation to make a new loan with a lower interest rate and pay off the current loan at the higher interest rate."

That is absolutely untrue!
They send Emails on a frequent basis, not letters.

"Out of 256 notes, 6 that funded in May have been fully paid."

I agree.  That seems high.  It'll probably change.
Out of curiosity, were these higher grade loans (B3 to A1)?

"Am I just being dense?  Is there another way?"

You're right about it being too easy to do.  But, I don't know of any other way.

Even using Interest Radar, no such link exists.
If I find a note I want on IR (though a note ID search), I have to find different avenues to track it down.  Most of the time it's back to using the Folio platform, and we all know how much we love that!

"What are the chances of borrowers making good their late payments if they contacted LC or collection agencies?  "

I would have to say better than average.

But this is a double edged sword.  Reason being is that you don't know WHY the borrower called.  Most likely it's about a missed payment.  So you would think.

I bought this note on Friday the 16th for $12.
https://www.lendingclub.com/account/loanPerf.action?loan_id=3697958&order_id=10743185&note_id=20707887" class="bbc_link" target="_blank">https://www.lendingclub.com/account/loanPerf.action?loan_id=3697958&order_id=10743185&note_id=20707887
It settled Monday the 19th.

I put it back up for sale the same evening for $1.48
Anybody want it?

"I saw this post today, quickly scrolled down top to bottom, saw SarahV had commented and thought GREAT! she's back; not"

She unregistered.  Too much testosterone on this forum I guess.
Sorry to see her go.  She was fun.

https://forum.lendacademy.com/index.php?topic=1475.msg11073#msg11073">Quote"> from: Zach on August 22, 2013, 12:20:41 PM

Rawraw!  You lost me right after "....low rates".

Unless you're using some of that fancy financial-jargon I don't understand, you need to try eggs for breakfast instead of Scotch.

"I decided to just ride the lates into the ground.  Many of my lates go to default/bankruptcy or the people disconnect their phones and disappear.  I figured to get little to nothing for those on the aftermarket..."

I just don't understand WHY anybody would do this?  Why would you run a note into the ground when you can easily recoupe a decent part of your investment?  I just don't get it.  Everybody complains about their money sitting idle in their account, but don't seem to mind losing an occasional $23 or $24 on a note that could have been sold for half that.

So many red flags to indicate it's time to dump a note. 
I have many speculative notes.  But hell!  Even I know when it's time to dump one and cut my losses.  Even a note going "Chapter 7" today will sell for something.  A note goes "Default" only if you let it.

Wondering about that myself, so I took a look at the notes I bought yesterday and are pending settlement (Folio purchases)

I bought 9 "Fresh" issues.
Only 1 has a question.

I bought 11 "Older" notes.
9 have questions.

20 notes really doesn't prove anything.  But because I purchase off of Folio, I don't have to "Beat the Clock".  Rather, I handpick.  I can tell you that I look at many notes.  I will say that not only do they have no questions posted, most don't bother to have a description, either.  The ones that do are nothing more than "Debt Consolidation", or "Looking for lower APR", or some other insignificant one-liner.

"If you do get one where they answer and it's still not funded, odds are it's a bad loan that nobody else wants."

It appears that all the fresh notes I get off of Folio were funded the old fashioned way.  120 investors, 160 investors, etc.  Apparently these are all notes that weren't sucked up in 4 seconds on LC.  I don't find those on Folio.

I don't agree 100% that these were "bad loans that nobody else wants". 
I guess it just depends on what your opinion of a "Bad" note is. 
I'm more aggressive when purchasing Buy/Hold notes, so what looks like a good note to me may look bad to you. (I'm 82% vested in C-D-E Notes)

Here are a couple of examples.  I liked them, but you can pick them apart if you want.
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6529471&order_id=9869677&note_id=28073855" class="bbc_link" target="_blank">https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6529471&order_id=9869677&note_id=28073855
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6528034&order_id=9867108&note_id=27967514" class="bbc_link" target="_blank">https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=6528034&order_id=9867108&note_id=27967514

I don't have enough money invested in LC that I have to worry about funding 10, 40, 50 or 100 loans a day.  I agree that if you have $5,000 sitting idle, that not getting your money invested in an acceptable amount of time could be very, very frustrating.  I remember how long it took Rawraw to get his $6000 invested, but he did it.

What I don't agree with is all the complaining about it. There are several other avenues investors can take to get money working.  "Buy/Hold" notes are just 1 of 3 different strategies I use.  Having 2 other strategies opens up other buying opportunities for me. 

Look at Core's returns.  Clearly, he's doing something other than just buying fresh "Buy/Hold" notes on Lending Club.

Opportunities exist.
People just don't want to be bothered exploring them.
It's easier to complain or quit.

Core....I got a great laugh out of that story!

What you need to do is show up the night before with like 40 bottles of really cheap whiskey.  Make several stacks of like 5-6 bottles in different areas where they can easily be found.  Once one or two people find a bottle, word would travel quickly, and nature would take it's course.  It would almost be like an Easter Egg hunt.