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General P2P Lending Discussion / sharestates? (real estate p2p)
« Latest by Fred93 on December 07, 2021, 06:13:34 PM »
Anyone have any experience with sharestates?

I created an account, but the first thing I notice is that there are only 2 loans open for funding.  Are these guys too small to be of value?

I'd like any feedback from sharestates users.

I've been investing for several years at groundfloor, and they have dozens open at once.
Investors - LC / The wind-down
« Latest by lascott on December 06, 2021, 02:04:18 PM »
One of my 3 remaining accounts was paid off in 7/2020 but still shows as open.

I called today to ask about it and they just called it a glitch.  When my other 2 notes get paid off and disappear from my list I'm wondering what pain-in-the-butt issues having this one open will cause ... meaning having to sign things saiding I will forego payments from it ... since it is open.

Any others run into this?

We don't know each other, but we've had a good ride together! Back in May of 2018 your finances weren't in great shape, that ~660 credit score implies you were having a bit of a rough time, and you needed to refinance your credit cards. I know that $411.19 monthly payment wasn't always easy, there were a couple of times you only made a partial payment, and you had to defer your payments through COVID--but you made it! You always caught back up on your payments, and today, Nov 5th, 2021, you have finally paid off your loan. Great job! I see things are turning around for you, with that credit score now closing on 720. You must be feeling pretty good right now, and you deserve to feel good--congratulations on getting your financial affairs back in order!

I was one of the 363 people who invested in you back then, through the Lending Club platform. It was new to me in those days, and I was excited about the prospect of being able to get involved in lending directly to folks like you, through peer to peer lending. Alas, it didn't work out as well as I had hoped, Lending Club eventually terminated the peer to peer lending system, and I am exiting the platform.

In fact, yours was the very last loan I still had outstanding on the platform, and today I got the 44 cents that was my share of your final payment, and the last loan payment I will receive. I am sure you were glad to make that final payment, and I am glad to receive it!

As of today, we're both done with Lending Club. Thanks for being a great borrower! So sad we won't be able to do this again.
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on November 05, 2021, 12:13:48 AM »
This question has been discussed several times on the forum.  I believe a recent answer said LC would send you a check, but you had to ask for it.  I'm workin' from memory here, so that may be only partially correct.
Investors - LC / AltoIRA == Bozos
« Latest by rj22 on November 04, 2021, 08:55:34 PM »
Yay! I am relieved you got your money, as I am following along myself pretty soon.

I am seeing recovered loans paying a few bucks a month. Look in your "activity" on LC and you can see what you're getting--more than I expected in my case though it's dwindled significantly in the last few months. Dunno what happens if you keep it there - would you be able to earn enough to get it out without incurring fees greater than the income?
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 27, 2021, 11:54:43 AM »
Check arrived at TDAmeritrade today 10/27.   Only 29 days after my request. 

Woo hoo.  No more dealings with Alto!  ...unless some payments come from written-off notes.  Should I close my LC IRA account now?
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 26, 2021, 06:11:22 PM »
Heh heh.  The alto guy told me the estimated date for the check to arrive at TDAmeritrade was 10/25.  Because the check has not arrived, I pinged them this morning, and got the following reply...
Date:      Tue, Oct 26, 2021 3:02 pm
Hi xxxxxxxxx,

Thank you for reaching out! I just confirmed with our Financial Operations team that the check has been processed and currently has an expected delivery date of October 28, 2021. Please let me know if you need any additional information.


Jesse Holmes
Client Experience Team

My initial request to them was on 9/28.  If the check does arrive on 10/28 that would be exactly 1 month.
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 19, 2021, 02:41:44 PM »
sounds like a huge PITA


What you have posted is concerning.

Nothing to be "concerned" about, as there's no decision you can make to change things.  You just gotta play it thru.  I'm sure your money is safe, but these middlemen at Alto are bozos. 
Investors - LC / AltoIRA == Bozos
« Latest by rj22 on October 19, 2021, 01:16:01 PM »
The last of my loans will pay off this month. I will then be starting this process, sounds like a huge PITA. Please let us know when you actually get your money!

What you have posted is concerning.
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 14, 2021, 03:30:07 PM »
Here's their explanation and non-apology for delaying my funds 1 month. 
Date: Thu, 14 Oct 2021 09:25:08
Hi xxxxxxxxxxx,

Thank you for following up and I sincerely apologize for the delay. Once the request has gone through a lengthy review process by our compliance team. It is then submitted by our Financial Operations team to our Bank to be issued. Our bank then provides us with an estimated delivery date. Again, this is an estimated time frame, I believe your custodian should be expecting the check very soon. Please let me know if you need any additional information.


xxxxx xxxxxxx
Client Experience Team

The "lengthy review process" is of course simply the checking of a few check boxes.  The submission "by our Financial Operations team to our bank" means a person types in a few things on a web site, to tell the bank to issue a check.  Routine stuff.