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Best tools for Secondary Market?

Started by Peter, January 08, 2013, 11:00:00 PM

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velacreations

Hi,

I am a total newbie to p2p lending, though I am reading like crazy and studying as much as I can.  I have discovered that I am in a forbidden state for LC, but my state is ok for Foilofn.

I have registered at Interest Radar, because they have stats and filters for Folio notes.  Are there any other tools like this?  I like IR, but the information available for Folio notes is somewhat limited.

I am still learning the terms and their significance, but I'm hoping to start investing a few hundred dollars a month in the next few months, so I am trying to get the hang of things before then.  If you have resources that relate to the Folio notes and filtering them, please post them here.  I would greatly appreciate it!

On a side note, are there other markets where people can trade notes/loans like this?  I own a mortgage note that I am thinking of selling, and it would be nice to find out how much it is worth by looking at similar ones in a market.


TravelingPennies

Hi - I'm in the same boat as you as far as being in a limited state, and Interest Radar is the best I've found as far as filtering/buying. What other sort of information are you looking for?

TravelingPennies

I'd like to see more info on the borrower, similar to the original loan data (job status, home ownership, credit score, debt to income ratio, inquires, etc)

The other thing I am confused about is how is the Interest Radar YTM calculated?  Is that just pulled from FolioFN, or is it calculated based on the data?  If it is recalculated, then it might have some significance.

Also, please note that I am new to all of this, so maybe my data desires are misplaced.  I am an info-junkie, so I like all the info I can get my hands on.

Do you have any particular filters on IR you'd like to share with me?






lender_john


I live in one of those states too and we are definitely at a disadvantage compared to those that can invest directly.
That said, after a few initial blunders, I am managing reasonably well.

I tried a few tools, but ended up going without them once I figured out exactly what I was looking for.

I would caution against buying notes at too high of a markup. It may seem that a 3% markup is not that bad, but its a 3% markup over principal and interest.

It may seem like a good deal when the note that you just paid when you expect to get $13 in interest over 5 years..
However it may take you up to 3 payments just to break even based on the higher price.  There is also a small, but real chance that the loan will go bad before you break even.

On the other hand using FolioFn exclusively provides a small advantage.  Since you buy notes all the time, you know a bit more about what will sell and what may not than an average LC investor.

I wouldn't say that I make a significant amount selling notes, but I am generally able to at least make up for any losses.



TravelingPennies

Yeah, I have been trying to just consider notes at 2% or lower.  There are a few at a slight discount (according to IR). IR's markup data doesn't include interest, so You can afford to go higher.

I wonder what the legality is of someone in an approved state taking loans on your behalf?


NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL