P2P Lending / NFT Lending Forum

I wish- my IRA is a traditional. My tax comment was more around my standard Lending Club account that's taxable. There will be a lot of manual work to report winding it down.

 Same goes for interest radar. The site hasn't changed in many years.

So these last few days have been kind of bittersweet given all the things going on with lending club. The earnings announcement, the changes to lending models.  For the first few years lending club seemed like it was going to be the next hot thing. I no longer think that. With only a few thousand dollars left in my taxable account to liquidate, and my Ira account down to 50% left, I'm very close to being done with lending club.

I made my first transfer into Fundrise yesterday. Other than the fact that the transfer from SDIRA services took a long time, my lending club Ira money is now at its new home.  I know what to expect with the next transfer, and following transfers.

While I won't be lending money through lending club, I still will be involved with lending club via it's stock. Luckily had some money ready to take advantage of the recent stock price drop. 😉

Here's to hoping the stock price goes up, and lending club figures out what's wrong with their current returns.

Your last graph says it all. I too miss the 14% days. People ask why we're leaving- show them that.  https://forum.lendacademy.com/Smileys/default/cry.gif" alt=":'(" title="Cry" class="smiley" />
I see charts like that and I'm thankful I'm almost fully liquidated. It's taken way longer than I expected to do, but seeing the losses piling up for others as well, confirms I'm dong the right thing for me.

I've been doing this now for several months- started with my taxable account and am now liquidating my IRA now that my taxable account is close to done.

Lessons learned:

1. You can sell a good amount of your notes at markup- I've sold up to 2/3rd's of them this way. There will come a point when your selling declines doing this- possibly quickly depending on the quality of your notes.

2. When this happens you'll sell many more notes at between 1%-3% markup. As said before when you get to this point, your selling declines doing this- possibly quickly depending on the quality of your remaining notes.

3. You may want things to be over quickly when you get to the last 1/3rd of your notes, and then you'll start selling at 0% markup. I'm at this point, as the losses are less than what I'm currently losing to chargeoffs and lost opportunity investing the money elsewhere. We'll see if I have to discount further to keep the selling going. I "might" be willing to continue discounting depending on how things go.

My next headache will be starting the transfer process from SDIRA- I'm planning to start that tomorrow.

The hardest part of this has been the loss of automated selling solutions. I am still using Interest Radar, it works- but not as well as LR did. Like others I'll be very happy when my selling is done.

Interest Radar is the last remaining low cost option. I'm in the same position as everyone else trying to liquidate an IRA as well as a taxable account. It works well for listing and has other basic features, just don't expect a lot.

Checking to see if anyone has gone through the process of setting up an IRA with Fundrise? I've got a regular account with them so far and am planning to set up an IRA. I'm at the point where I've opened an account with MTC (The custodian) and am waiting on them to confirm the account has been opened. It's been a little less than a week since I did this online- haven't heard anything back from MTC as to status.

I know it's a holiday and I know that these things take time (just found out I can't rollover my existing IRA until 30 days after I've left my current job to allow everything to "settle".)  https://forum.lendacademy.com/Smileys/default/rolleyes.gif" alt="::)" title="Roll Eyes" class="smiley" />

I'm hoping MTC moves a bit quicker.

Anyone done what I'm trying to do and have any advice, gotchas to watch out for, etc.? Advice or firsthand experience would be greatly appreciated.

Received it but haven't read it yet. Has anyone else & does it contain anything worth while?

Unless LR brings back Folio I have no further interest in them.

Same here. Taxable account is halfway liquidated- When I get a bit more sold off, the focus will become the IRA account. I want to take what I've learned liquidating my Taxable account and apply it to the IRA so I can get it disposed of quickly and get the money back into a money making mode.

I'm back on Interest Radar now. My notes are being listed again- while not a lot, it represents about 10K notes listed. But yes, I notice the difference each time I'm manually purchasing. Only my general purchasing criteria is producing any notes to buy- my specifics for 36/60 are all striking out.

I can say I'm now prepared to leave Lending Robot if it comes to that. Checked all my settings over in Interest Radar and they are good to go. It should place sell orders for me this evening. As long as it does, I'm back in business. Not with the functionality that I want, but I'll get my time back. At this point that's all that really matters.

It really sucks that Lending Robot has been radio silent on the ongoing status of what (if anything) is being done to bring secondary market functionality back. I'd be willing to wait if there was ANY estimate of when things may be resolved. No status = no patience.

In lieu of an update, I'll be hitting the Close Account button on the 5th.   http://forum.lendacademy.com/Smileys/default/angry.gif" alt=">:(" title="Angry" class="smiley" />

Seems the web server problems are back- got several "Page cannot be displayed" errors just now along with extremely long load times once it did load. For the record all other internet activities on my end were working fine.

Received the following email from Lending Robot today- really annoyed  http://forum.lendacademy.com/Smileys/default/angry.gif" alt=">:(" title="Angry" class="smiley" />
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We are temporarily suspending our secondary market automated trading feature, as we have noticed issues with performance. This causes some slowdown on our servers, which are not really justified because the trading volume is still very low. Any sales currently listed will run until the last remaining days of active sales. Recurring sales will not be set to recur as we disable the secondary market trading feature.

Naturally, you can still trade on the Lending Club's secondary market manually, by visiting the Lending Club site.

We apologize for any inconvenience this may cause you. We understand it can be frustrating, but also believe it will ultimately help us serve you better.

Regards,
The LendingRobotTeam
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Hoping they fix this fast.

IRA as of 7-1-17:

Combined Annualized Return:   7.80%
Weighted Average Interest Rate:   18.21%
Weighted Average Rate   18.29%
Weighted Average Age of Portfolio:   34.8 mos
Number of Notes:   12,634

Grade
A(0.3%) B (5.8%) C (18.1%) D (28.8%) E (33.3%) F (11.8%) G (1.9%)

Payments  36 (30.5%) 60 (69.5%)


Taxable as of 7-1-17:(in Liquidation)


Combined Annualized Return:   6.94%
Weighted Average Interest Rate:   19.47%
Weighted Average Rate   18.82%
Weighted Average Age of Portfolio:   23.2 mos
Number of Notes:   5,871


Grade
A (0.2%) B (5.5%) C (15.8%) D (26.2%) E (36.0%) F (13.9%) G (2.4%)

Payments  36 (21.8%) 60 (78.2%)