P2P Lending / NFT Lending Forum

https://forum.lendacademy.com/index.php?topic=1506.msg11705#msg11705">Quote"> from: Fred on September 01, 2013, 11:29:24 AM

This is actually simplifying note buying.  Hit refresh from the drop time until you see the load of notes hit.  Hit the filter, select all, add to order.  Then look at the cart for 3 minutes and whatever doesn't go to 99%+ by then, remove because there's something wrong with it.  Everything else that hits 99%/closing is usually a decent looking note.

Speed to the point of purchase is still a little bit of a problem, but all these nice autobuyers with heavy institutional money developing sophisticated filters really helps with the decision making.

https://forum.lendacademy.com/index.php?topic=1501.msg11523#msg11523">Quote"> from: 415ab on August 28, 2013, 10:46:44 PM

https://forum.lendacademy.com/index.php?topic=1503.msg11539#msg88888888Quote"> from: core on August 29, 2013, 09:44:11 AM

https://forum.lendacademy.com/index.php?topic=1497.msg11507#msg88888888Quote"> from: edward on August 28, 2013, 04:54:08 PM

Here's a fun stat: I've written about 2400 notes and 280 have paid in full, all early.  82 went to Charged Off.  BTW, the LC people I've talked to about this were fairly fascinated by the ratio of paid off early vs defaults.

My guess is I'm picking people that in many cases turn out to not need the money or they get it from somewhere else at better terms.

When I'm looking at a note and in the comments they say something like "I'll pay this off in less than a year!" I throw them back.  Given the time it takes for some notes to issue and how hard its been to find good ones, I'd prefer people who'll actually pay the full term and all of the interest...

https://forum.lendacademy.com/index.php?topic=1480.msg11165#msg88888888Quote"> from: New Jersey Guy on August 23, 2013, 04:16:16 PM

It sure doesn't.  Still waiting for my free kicks.

There was one for 'sheep venture', listed as a small business.  I wish you could ask specific questions. https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

She is/was an interesting poster. I picked up on several of the things she said and started looking for her comment when I was reading through old threads.

I'm rather late to this (reading through a lot of older posts to educate myself further) but I'm guessing the borrower is including income from the 15 rental properties in his annual income results, and is putting the pool into one of those rental properties.  They may also be paying the utilities on some or all of those properties, especially if they're condo's.  It would be unusual for a landlord to not pay common area fees, landscaping fees, water bill, taxes, etc.  Those aren't exactly utilities, but he may lump the costs together that way.

This is more like helping fund a small business than a home improvement.  He's may be putting the pool into a rental house as a pool is fairly desirable in Florida, and the borrower could get more rent for it.  If his rent improvement is equal to or higher than the monthly loan amount, its a win.

https://forum.lendacademy.com/index.php?topic=1475.msg11167#msg88888888Quote"> from: New Jersey Guy on August 23, 2013, 04:25:51 PM

Thanks for all the info, I appreciate it.  Until now I found very little constructive and useful information about p2p lending before I noticed this forum, which makes sense as its technically a competitive situation.

I think that (at least for now) jumping in right when the notes release, hitting my filter and then adding everything to my cart and then plinking out the iffies works.  If I can write 5-10 notes a day, I'm happy.  I got 32 this morning, although about half were B and C notes, which I haven't been writing.

I'd still rather make 6% after defaults than 0% sitting in a bank account.

The note I offered on folio that was late was just about a year ago.  It was my first note to slip past 30 days late, and sort of an experiment to see how the loan sales worked.  It sold in a few days and when it sold and I looked at it it said payment was current.

Then I looked at the rate of recovery from late notes, and factored in that the self employed tend to pay late, but do tend to recover at a higher rate than those employed by a business (cash flow problems), 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...

There is one positive aspect to all of this.  You can look at the note inventory about half an hour before one of the 'drop times' and see exactly what notes you don't ever want to buy look like, because they're pretty much what everyone else passed on.  You might even be able to develop a nice little filter that excludes notes with those characteristics.

For a while I bought notes that were recent drops that were close to selling out, figuring I might be getting the collective wisdom of many different investment approaches.  But those notes are (so far) not doing much better or worse than average.

I used to, but its not really plausible anymore due to the short fill times.

However, I found that when I asked questions, the answers either didn't answer the question or made me not want to invest.  Seems the more a borrower says, the less I want to give them my money.  An inapplicable answer all in caps with spelling errors doesn't exactly inspire.  So I decided that if I wanted to ask a question, that meant the note didn't look right.