Author Topic: Numerous identical notes for sale on Folio  (Read 5316 times)

LC Adv

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Numerous identical notes for sale on Folio
« on: October 29, 2013, 09:52:06 AM »
Noticed a stack of 25 or so identical notes for sale on Folio this AM, all for $25 each. Is there a way of breaking a large note into small pieces for sale on Folio, or were all these notes bought in $25 pieces originally?

core

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Re: Numerous identical notes for sale on Folio
« Reply #1 on: October 29, 2013, 10:10:12 AM »
If they were smart they bought them that way in the first place.  As far as I know, for Average Joes there is no mechanism on the site by which you can split up notes like that.   However... I seem to remember someone around here a long time ago saying something relating to this.  My memory of that post is foggy.  Is it possible there is a way to do this via the whole loan program?

LC Adv, I don't suppose you saved a link to one of those from the stack?  I'd like to take a look.

yojoakak

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Re: Numerous identical notes for sale on Folio
« Reply #2 on: October 29, 2013, 10:36:18 AM »
I've seen brand new $25 notes for sale on Foliofn with no markup.

Since the seller pays a 1% commission on these sales, I've never understood this strategy.

Joleran

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Re: Numerous identical notes for sale on Folio
« Reply #3 on: October 29, 2013, 10:40:46 AM »
I've seen brand new $25 notes for sale on Foliofn with no markup.

Since the seller pays a 1% commission on these sales, I've never understood this strategy.

Buyer's regret maybe, or perhaps an automated note buying program that lets a few notes slip through that weren't actually wanted.

LC Adv

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Re: Numerous identical notes for sale on Folio
« Reply #4 on: October 29, 2013, 10:43:41 AM »
35 of these available right now on folio. make that 34

Loan Performance
Title: Debt Consolidation (Loan id: 2084884)
Original Listing
Loan Summary
Issued Date    11/19/12
Loan Fraction    $25
Loan Amount    $35,000
Rate    F2 : 23.28%
Term    36  months
Status    Current
Credit Score Change
   Up
Accrued Interest    $0.12
Received Payments
Last Payment (10/25/13)    $0.97
Payments to Date (11)    $10.67
Principal    $5.89
Interest    $4.78
Late Fees Received    $0.00
Upcoming Payments
Next Payment (11/19/13)    $0.97
Remaining Payments (25)    $24.28
Expected Final Payment    11/19/15
Outstanding Principal    

yojoakak

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Re: Numerous identical notes for sale on Folio
« Reply #5 on: October 29, 2013, 10:57:07 AM »
Oh I thought you meant new notes.

You omitted Outstanding Principal, but I doubt that note would sell for $25.

Probably someone just prefers using the Foliofn user interface to keep track of their notes. I know I do. (Although LC is making that harder and harder to do.)

core

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Re: Numerous identical notes for sale on Folio
« Reply #6 on: October 29, 2013, 11:03:15 AM »
35 of these available right now on folio. make that 34

I'm showing 50+ of them posted by that same guy.  Yowsers that's a lot of them.  No buyer's remorse there since he's had them for many months.  I would have posted them for +3%.  Those are going to sell like hotcakes at 0%.  Just a wee bit lower and I'd take them all right now.

I've seen brand new $25 notes for sale on Foliofn with no markup.

Since the seller pays a 1% commission on these sales, I've never understood this strategy.

The answer is simple:  Volume:)

99greenballoons

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Re: Numerous identical notes for sale on Folio
« Reply #7 on: October 29, 2013, 11:11:22 AM »
I'm showing 50+ of them posted by that same guy.
How do you tell they're sold by the same person?  Just that they have the same markup?

core

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Re: Numerous identical notes for sale on Folio
« Reply #8 on: October 29, 2013, 11:27:32 AM »
How do you tell they're sold by the same person?  Just that they have the same markup?

Using only the information that's on Folio right now, you can't.  But if you look at other sources of information, you can guess and be 99.99% certain.  Say a snapshot from last week showing that all these notes were listed for +5.00% at the time.  Sure, it's possible that 50 different people had them listed at 5% and then today reposted them for +0.00% all at the same time.  That would take some serious organization to get everyone to go along with it.  I don't think I'd give up 3% return just to pull some Folio stunt so someone starts a thread about it.

But that may indeed be it.  We have a new trend starting.   Folio Flash Mobs!

New Jersey Guy

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Re: Numerous identical notes for sale on Folio
« Reply #9 on: October 29, 2013, 11:58:30 AM »
Guys like this are the reason I had to ask Rev to increase results on IR from showing 50 notes to 150 notes.  It only takes one guy to drop 30, 40 or 50 of the same, exact note to clog up your filtering.

A while back, day-after-day, some guy would list 70 or 80 notes for like 3 different loans.  One time, I counted 55 notes for a single loan, all the same price.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

core

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Re: Numerous identical notes for sale on Folio
« Reply #10 on: October 29, 2013, 12:07:03 PM »
Guys like this are the reason I had to ask Rev to increase results on IR from showing 50 notes to 150 notes.  It only takes one guy to drop 30, 40 or 50 of the same, exact note to clog up your filtering.

How does it "clog" it up?  You mean after IR finds 150 matches it stops showing you any more?  Ugh that would be rather annoying.

I don't know if it's the same guy, but someone just dumped a HERD of $150-200 notes on the platform at decent discounts.  I just blew through 8 thousand smackers in a matter of minutes.  Maybe this guy (or cabal) has totally had it with LC and is getting out in a big way.

New Jersey Guy

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Re: Numerous identical notes for sale on Folio
« Reply #11 on: October 29, 2013, 04:21:15 PM »
"How does it "clog" it up?  You mean after IR finds 150 matches it stops showing you any more?  Ugh that would be rather annoying."

It used to be 50!
If IR found 250 notes, it would only display 50, from highest discount, down in decending order.  I was able to reverse the order (Lowest discount, up) to show another 50, but that would only allow me to view a total of 100 notes leaving 150 notes stuck somewhere in the middle where I would have to try and narrow my filters in order to find them.

Rev changed it due to guys like this who dump dozens of the same note at once.  It's now 150 in decending order, and another 150 in acending order.  300 total without having to figit with my filters. 
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014