P-2-P Lending
- Thread starter Moosie
- Start date
Moosie
Grand poopa
I should have ....
Active loans: 72
Payment status:
71: Current
1: Late (<15d)
Crappy part on this dude is he's an AA borrower. Thats a 770+ Credit score. NExt couple days will be interesting. Unfortunately , his loan was a bit bigger than the $50
I have
4 HR HIGH RISK
8 E's
13 D's
15 C's
15 B's
9 A's
7 AA's
And the Highest credit scored person is the first late... MAn I still have some learning
Active loans: 72
Payment status:
71: Current
1: Late (<15d)
Crappy part on this dude is he's an AA borrower. Thats a 770+ Credit score. NExt couple days will be interesting. Unfortunately , his loan was a bit bigger than the $50
I have
4 HR HIGH RISK
8 E's
13 D's
15 C's
15 B's
9 A's
7 AA's
And the Highest credit scored person is the first late... MAn I still have some learning
Moosie
Grand poopa
I might have over reacted. His Name has a Double cross on it today.....
Once Again, We'll see what the next couple days bring.
Once Again, We'll see what the next couple days bring.
MNHunter
Well-known member
Maybe I'm reading it wrong but why in the hell is a guy with AA credit getting a loan @ 27.99% Interest???
Moosie
Grand poopa
HAHA.. No, You're not reading it wrong. You would be amaised what people pay for Interest. the longer I'm in this deal, the more I see how far CC's and Payday loays Suck A$$ !!!
I'm learning about lending right now and let's just say there are more than one person making an A$$load of coin,that hold ballences on cards at high interest rates.
Yah, That particular loan I lent $339.11 to an AA borrower @ 27.99%. It started at 35% and was bid down. I locked in 3 bids I think, One at 15% one at 25% and one at 27%. I figured the lower it got the less I wanted in there. Since it only went down to 27.99% All 3 bids stayed in and I had that much get funded.... It was a guy that is looking to do a realestate deal and needed money fast. Sometimes you need to pay money to get it. I know I made some high interest loans on some rentals that were picked up from the Renters.. but the rates weren't that favorable.
At any rate. He borrowed $24,000 at that rate. I wasn't sure it was the right way to go.. But I did anyways. It's the 2nd Highest loan I have. the Highest at $500. Most average between $50-$100 so if I get burnt, It's for a smaller amount and the rest should cover it.
Looks like he is making a payment and it's clearing so in 2 days at the latest it should credit my account.
I'm sitting with 74 loans with 13 in the 10 day bidding proccess..... I like it
I'm learning about lending right now and let's just say there are more than one person making an A$$load of coin,that hold ballences on cards at high interest rates.
Yah, That particular loan I lent $339.11 to an AA borrower @ 27.99%. It started at 35% and was bid down. I locked in 3 bids I think, One at 15% one at 25% and one at 27%. I figured the lower it got the less I wanted in there. Since it only went down to 27.99% All 3 bids stayed in and I had that much get funded.... It was a guy that is looking to do a realestate deal and needed money fast. Sometimes you need to pay money to get it. I know I made some high interest loans on some rentals that were picked up from the Renters.. but the rates weren't that favorable.
At any rate. He borrowed $24,000 at that rate. I wasn't sure it was the right way to go.. But I did anyways. It's the 2nd Highest loan I have. the Highest at $500. Most average between $50-$100 so if I get burnt, It's for a smaller amount and the rest should cover it.
Looks like he is making a payment and it's clearing so in 2 days at the latest it should credit my account.
I'm sitting with 74 loans with 13 in the 10 day bidding proccess..... I like it
Moosie
Grand poopa
Not Triple yet..... but I'm up to a number I thought was cool. $3.33/day (Half of the "NUMBER")
Payments received:$229.36
Principal paid:$154.59
Interest paid:$78.67
Servicing fees: -$3.90
Avg. interest rate: 19.79%
Daily interest accrual: $3.33
37 of the 75 loans have been made < 1 month ago which the 1st part on next month will be a good indicator. Having started out slow per-say. Thats why I said Month 6 would be the best indicator with having most of the loans seasoned for a few months.
Milestones hit :
$50 in interest
$2/day interest
31 loans (Average one loan a day)
Milestones heading for now :
90 days w/o a default (On day 88 so thats going to be easy)
$200 in interest (About 1.5 months out on that w/ no defaults, will longer if I get some)
$4.14/day interest (That would be Triple what I had when Brymoore was makeing his smoke joke)
100 loans (with one on Each day of the month being more of the key
, right now I don't have a loan on the 1,13,15,16,23 of the month. I have at least one loan on each other day with 7 on the 20th being the highest day loaned on. Since the bids close and sometimes it takes up to 7 days to fund, you can't pick the day. It's a silly goal I know but it's cool to see money being transfered each day even if it's $0.02 for the day )WELL..... I've almsot been on there for 3 months. 6 months was my review goal. We'll see how it goes from here. Let's see... 3 months, made $78.67 Minus servicing fees of -$3.90 so thats < $25/month. Nice.... Time well spent ...
Moosie
Grand poopa
1 month later and still lucky thus far...
Here is my favorite part :
Active loans: 82
Payment status: 82: **Current**
Avg. interest rate: 19.94%
Daily interest accrual: $3.62
82 loans is alot. One's bound to tank soon....fingers crossed. I have 7 loans on the 20th, 8 loans on the 26th and several in between. The end of the month holds the bulk of the loans. We'll see if any go late ?!?!?!
Moosie
Grand poopa
Still going..... 100 days into it. (I should have bet Brymoore I could go 90 days without a default )
Active loans: 89
Payment status: 89: Current
Payments received:$307.52
Principal paid:$212.78
Interest paid:$99.69
Servicing fees:-$4.95
Avg. interest rate: 19.98%
Daily interest accrual: $3.82 ($0.32 away from goal )
)Active loans: 89
Payment status: 89: Current
Payments received:$307.52
Principal paid:$212.78
Interest paid:$99.69
Servicing fees:-$4.95
Avg. interest rate: 19.98%
Daily interest accrual: $3.82 ($0.32 away from goal
)
elk_hunter
Active member
Good for you, Moosie! Thanks for sharing your experiences in this area.
Moosie
Grand poopa
Why would prosper take money out of their pocket to fudge numbers ? If there is a 90% default rate, they still get paid. It's the Borrowers that pay them up front.
I'm going to post my info for today becasue it's the 1st and only time I will be over 20%. I have several loans in the pike that are in the low 13's - 15% that will bring my average down.
Brymore, why can't you just admit I'm good I actually spend time on their Forums and believe me, some people are getting alot of Late loans and Defaults.
Active Loan Summary
Active loans: 91
Payment status: 91: Current
Principal loaned: $7,345.39
Payments received:$319.55
Principal paid:$220.50
Interest paid:$104.21
Servicing fees:-$5.17
Value of loans:$7,177.76
Principal outstanding:$7,124.89
Interest accrued:$52.88
Late fees accrued: $0.00
Avg. interest rate: 20.12%
Daily interest accrual: $3.93 ($0.21 away from goal )
I'm going to post my info for today becasue it's the 1st and only time I will be over 20%. I have several loans in the pike that are in the low 13's - 15% that will bring my average down.
Brymore, why can't you just admit I'm good
I actually spend time on their Forums and believe me, some people are getting alot of Late loans and Defaults.Active Loan Summary
Active loans: 91
Payment status: 91: Current
Principal loaned: $7,345.39
Payments received:$319.55
Principal paid:$220.50
Interest paid:$104.21
Servicing fees:-$5.17
Value of loans:$7,177.76
Principal outstanding:$7,124.89
Interest accrued:$52.88
Late fees accrued: $0.00
Avg. interest rate: 20.12%
Daily interest accrual: $3.93 ($0.21 away from goal
)I'm just joking. You've done a good job. I still think 90 days is your magic number - if they've paid on time for the first 90 days, you'll probably be OK.
I just find it odd that Propser itself isn't showing any defaults in the last 9 months or so.
I just find it odd that Propser itself isn't showing any defaults in the last 9 months or so.
JoseCuervo
New member
Moosie,
Congrats on the 20% number. If you can make that lending to these people, there is no need to be in real estate. The small Prosper fees are much cheaper than the fees/taxes/insurance on real estate.
Congrats on the 20% number. If you can make that lending to these people, there is no need to be in real estate. The small Prosper fees are much cheaper than the fees/taxes/insurance on real estate.
Moosie
Grand poopa
My Oldest loan is 103 days old so that one should be safe
I've lent money as recent as yesterday. So that one will still need your 90 day seasoning time. I'll watch the loans and when one goes default. I'll see if it's under the 90 days or after. A long 3 years ahead
Stats are here : http://www.lendingstats.com/lenders/MoosieID
Jose, I still like Realestate better. I always roll the fees that I have to pay over the Buyer. And the Tax benifits from it is alot better as well. It's just gotten expensive for me to try to buy homes any more. It's for people with either A. Money or B. Guys with bigger Gonads then me.
I do like being in the Lending side now... It's jsut one more places to re-coup some fees
Lending Stats has me at 18.99% Estimated ROI.
I've lent money as recent as yesterday. So that one will still need your 90 day seasoning time. I'll watch the loans and when one goes default. I'll see if it's under the 90 days or after. A long 3 years ahead
Stats are here : http://www.lendingstats.com/lenders/MoosieID
Jose, I still like Realestate better. I always roll the fees that I have to pay over the Buyer. And the Tax benifits from it is alot better as well. It's just gotten expensive for me to try to buy homes any more. It's for people with either A. Money or B. Guys with bigger Gonads then me.
I do like being in the Lending side now... It's jsut one more places to re-coup some fees
Lending Stats has me at 18.99% Estimated ROI.
Moosie
Grand poopa
Actually .. Prosper still shows Defaults.... I don't know how that other data works and why it shows what it does ?!?!? Weird !
http://www.prosper.com/lend/performance.aspx
I'm just hoping mine don't go there !!
Moosie
Grand poopa
YAH.. Still riding the NO default ride
5 loans from my 100 goal, $0.05 from my $4.14 goal
Active Loan Summary
Active loans: 95
Payment status: 95: Current
Principal loaned: $7,707.52
Payments received: $387.11
Principal paid: $274.39
Interest paid:$118.66
Servicing fees: -$5.94
Value of loans: $7,499.20
Principal outstanding: $7,433.13
Interest accrued: $66.07
Late fees accrued: $0.00
Avg. interest rate: 20.11%
Daily interest accrual: $4.09
5 loans from my 100 goal, $0.05 from my $4.14 goal
Active Loan Summary
Active loans: 95
Payment status: 95: Current
Principal loaned: $7,707.52
Payments received: $387.11
Principal paid: $274.39
Interest paid:$118.66
Servicing fees: -$5.94
Value of loans: $7,499.20
Principal outstanding: $7,433.13
Interest accrued: $66.07
Late fees accrued: $0.00
Avg. interest rate: 20.11%
Daily interest accrual: $4.09
Moosie
Grand poopa
Well, It's close..
Unfortunately, part of my investment now is Leveraged money. So the return isn't as good as it looks. well, it is, but I'm not pocketing it all....But anythnig positive is going in the right direction
Unfortunately, part of my investment now is Leveraged money. So the return isn't as good as it looks. well, it is, but I'm not pocketing it all....But anythnig positive is going in the right direction
Moosie
Grand poopa
My first "EARLY" payoff in progress :
Active loans: 97
Payment status:
96: Current
1: Payoff in progress
Principal loaned: $9,438.90
Payments received:$546.34
Principal paid:$385.82
Interest paid:$168.59
Servicing fees:-$8.07
Value of loans:$9,105.98
Principal outstanding:$9,053.08
Interest accrued:$52.90
Late fees accrued:$0.00
Avg. interest rate: 19.00%
Daily interest accrual: $4.71
...I had a few loans that I made recently at lower rates to ballance my portfolio at a lower rate so my average is now 19%. Still not a kick in the pants since my 401k (That ONLY has about the same amount in it.) laost about 19%
At any rate, I hit my $4.14 a day goal now..... and I'm close to the 100 loans. It also looks like I'll have a payoff before a default. thats a bonus
Active loans: 97
Payment status:
96: Current
1: Payoff in progress
Principal loaned: $9,438.90
Payments received:$546.34
Principal paid:$385.82
Interest paid:$168.59
Servicing fees:-$8.07
Value of loans:$9,105.98
Principal outstanding:$9,053.08
Interest accrued:$52.90
Late fees accrued:$0.00
Avg. interest rate: 19.00%
Daily interest accrual: $4.71
...I had a few loans that I made recently at lower rates to ballance my portfolio at a lower rate so my average is now 19%. Still not a kick in the pants since my 401k (That ONLY has about the same amount in it.) laost about 19%
At any rate, I hit my $4.14 a day goal now..... and I'm close to the 100 loans. It also looks like I'll have a payoff before a default. thats a bonus
DRAFTSTUD
Well-known member
We still haven't seen you in your Moosie Tie and Coat outfit! Hope you had a great week at the new salt mine. John (Still wearing Jeans and a Pull over!)
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