Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: Joleran on August 23, 2013, 10:20:01 PM

Title: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 10:20:01 PM
As I write this, there are 8 loans total on Lending Club.  5 are over 90% funded.  Will LC sell out tonight?  It seems likely!

edit: Lending Club sold out of all loans on its platform early morning on 8/24/2013!  However, it looks like there may have been a technical glitch as a number of loans appeared later that morning that were known to have been previously listed.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 10:26:12 PM
6 loans left, including whole loans!
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 10:29:39 PM
Down to 4!
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 10:32:51 PM
Dog Eats All Kibble in Food Dish - Owners are shocked

Someone paste in the error message they display when the loans are gone so we have it for posterity.
Title: Re: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 10:35:32 PM
One slightly odd thing is the dog of the bunch, "Dela", at 50% funded.

https://www.lendingclub.com/browse/loanDetail.action?loan_id=6809893&previous=browse

It's nothing amazing, and I only invest in C4-G, but it doesn't look incredibly horrible.  I'm surprised it's not further along.
Title: Re: Lending Club Sells Out of Loans
Post by: cfb on August 23, 2013, 10:37:34 PM
There was one for 'sheep venture', listed as a small business.  I wish you could ask specific questions. :)
Title: Re: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 10:40:06 PM
I liked the one earlier this evening that had a monthly reported income of over $500k.  No way that's making it through review, but it fully funded unless it was pulled, which I didn't think happened.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 10:44:51 PM
There was one for 'sheep venture', listed as a small business.  I wish you could ask specific questions. :)

Uh boy.  If he voluntarily posts details, I do not want to know.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 10:58:58 PM
2 left.
Title: Re: Lending Club Sells Out of Loans
Post by: DanB on August 23, 2013, 11:09:14 PM
Ok, I know you guys have been waiting for this so I will make you wait no longer.

I am officially sanctioning the temporary use of the term "extreme difficulty"............but just like storm warnings, please check back as the warning may be lifted at any time.  :)
Title: Re: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 11:12:32 PM
And then there was one.  I almost want to invest in it just to help it along.

DanB, I'm brand new here, are you referring to the ability of individual investors to get the loans they want?
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 11:13:41 PM
How much left of that 1 note?

Dan, better get a camera crew out to that sheep venture.  Might be your only chance to make some money now given the extreme difficulty of finding notes.
Title: Re: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 11:14:23 PM
It's the one linked above, $3500 to go.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 11:17:30 PM
Just for the hell of it, in case it doesn't get funded by 6 am tomorrow.

[attachment deleted by admin]
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 11:18:50 PM
Geeze, that retina display resolution really shows on a screenshot. Sorry about that.
Title: Re: Lending Club Sells Out of Loans
Post by: Zach on August 23, 2013, 11:19:59 PM
Geeze, that retina display resolution really shows on a screenshot. Sorry about that.

What's to apologize for?
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 11:21:01 PM
It's just huge. I should have rescaled it.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 11:22:33 PM
And what's a "Troop Strategy Meeting"?  You in the armed forces or just have a boss that likes to be corny?
Title: Re: Lending Club Sells Out of Loans
Post by: Peter on August 23, 2013, 11:23:04 PM
This thread was started an hour ago when there was 8 loans left. This one will be gone within the hour but it is slowing down.

Looks like the 6pm new load add didn't run or something weird happened. When I checked on Nickel Steamroller it looked like four loans were added. Is that what you saw Bryce?
Title: Re: Lending Club Sells Out of Loans
Post by: 415ab on August 23, 2013, 11:24:06 PM
At 6:02 and some seconds, about 100 loans loaded.  They were gone in 5 minutes.
Title: Re: Lending Club Sells Out of Loans
Post by: Zach on August 23, 2013, 11:25:10 PM
It's just huge. I should have rescaled it.

Oh..I thought for a minute that you were apologizing for the crystal-clear, HD-like quality :)

That's not a problem.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 11:26:23 PM
And what's a "Troop Strategy Meeting"?  You in the armed forces or just have a boss that likes to be corny?

I volunteer for the Boy Scouts.
Title: Re: Lending Club Sells Out of Loans
Post by: Peter on August 23, 2013, 11:27:32 PM
At 6:02 and some seconds, about 100 loans loaded.  They were gone in 5 minutes.

Wow. Then things have changed even more in the last seven days. The large boys are taking anything now....
Title: Re: Lending Club Sells Out of Loans
Post by: DanB on August 23, 2013, 11:30:57 PM
How much left of that 1 note?

Dan, better get a camera crew out to that sheep venture.  Might be your only chance to make some money now given the extreme difficulty of finding notes.

Hey just remember that Peter sees the primary function/mandate of this forum as "educational". Therefore this period of extreme difficulty & famine affords you the perfect opportunity to "educate" us on how you're making those extraordinary returns on your signature line.  I've been told that I'm an excellent student & I am ready to learn!  :)
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 23, 2013, 11:31:52 PM
Looks like the 6pm new load add didn't run or something weird happened. When I checked on Nickel Steamroller it looked like four loans were added. Is that what you saw Bryce?

A look into the workshop!

Logging into LendingClub.com ...
Loans on platform:
[Fri Aug 23 17:58:04 PDT 2013]: 40
[Fri Aug 23 17:59:16 PDT 2013]: 44
[Fri Aug 23 18:00:05 PDT 2013]: 45
[Fri Aug 23 18:00:40 PDT 2013]: 41
[Fri Aug 23 18:01:43 PDT 2013]: 40
[Fri Aug 23 18:02:25 PDT 2013]: 146
Downloading notes ...
Backing up and time-stamping original browseNotes file ...
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 11:32:39 PM
Wow. Then things have changed even more in the last seven days. The large boys are taking anything now....

Large boys will even eat brussels sprouts when the Doritos are gone.  Then when there's no more food they may lose a few pounds.  That's not necessarily a bad thing.

Hey just remember that Peter sees the primary function/mandate of this forum as "educational". Therefore this period of extreme difficulty & famine affords you the perfect opportunity to "educate" us on how you're making those extraordinary returns on your signature line.  I've been told that I'm an excellent student & I am ready to learn!  :)

Buy low, sell high. 

And that's no joke!
Title: Re: Lending Club Sells Out of Loans
Post by: Ran on August 23, 2013, 11:34:55 PM
I guess small investors have reached to a point when they are going to buy any loan they would find. Do not know when reality will hit those guys.
Title: Re: Lending Club Sells Out of Loans
Post by: Peter on August 23, 2013, 11:38:57 PM
Thanks for the confirmation Bryce. NSR updates their volume numbers every five minutes so they were pretty much all gobbled up within that time frame. Truly extraordinary times right now at LC.
Title: Re: Lending Club Sells Out of Loans
Post by: Zach on August 23, 2013, 11:43:06 PM
Looks like we're back up to 2 loans. Someone must have been holding a $250 fraction of this second one and it must have just been release/expired.
Title: Re: Lending Club Sells Out of Loans
Post by: Joleran on August 23, 2013, 11:46:17 PM
It was a $500 fraction and it's been getting chipped away at fairly quickly.  At this point, we will either have 1 or 0 loans at the next release. 

Could this be the new normal in the short term, where loans post, they're eaten up, and then LC has nothing to show people?  It seems if that happens with any degree of regularity they're almost going to have to make some sort of adjustment just so new people to the site don't think it's broken.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 23, 2013, 11:47:08 PM
This is what I call exciting.  Better than a football game.  If they hit zero loans, I'm breaking out my best bottle of rum to celebrate.

Actually, I better start in on it now, just to get a head start...  Just in case. 

Extraordinary indeed.  I simply cannot wait to see what next week has in store for us.  Maybe I should pull my Folio sales down in anticipation of a mad run?
Title: Re: Lending Club Sells Out of Loans
Post by: SBryantMS on August 23, 2013, 11:50:19 PM
Someone just threw $125 back.  Still 2 available.
Title: Re: Lending Club Sells Out of Loans
Post by: Peter on August 23, 2013, 11:56:14 PM
Ok. I am calling it a night. But can someone please post a screenshot on here when it gets down to zero loans. We have to record that one for posterity. Thanks!
Title: Re: Lending Club Sells Out of Loans
Post by: Ran on August 24, 2013, 12:03:29 AM
Looks like the 6pm new load add didn't run or something weird happened. When I checked on Nickel Steamroller it looked like four loans were added. Is that what you saw Bryce?

A look into the workshop!

Logging into LendingClub.com ...
Loans on platform:
[Fri Aug 23 17:58:04 PDT 2013]: 40
[Fri Aug 23 17:59:16 PDT 2013]: 44
[Fri Aug 23 18:00:05 PDT 2013]: 45
[Fri Aug 23 18:00:40 PDT 2013]: 41
[Fri Aug 23 18:01:43 PDT 2013]: 40
[Fri Aug 23 18:02:25 PDT 2013]: 146
Downloading notes ...
Backing up and time-stamping original browseNotes file ...



Not trying to doubt your log, but I use script to query notes at releasing time as well. I have my own scoring model filtering the notes and what I have been seeing consistently is that most high scoring notes disappear in a few minutes but low scoring notes and A-B notes will hand on for up to a few hours.
However, 6:02PST today I only see the number of notes increased from low 40s to high 40s. But when I went back to check notes times tamp, I know LC did release a fair amount of loans which probably are in line with your log (I got ~30 new loans). What I do not understand is that lots of those undesirable notes released earlier(6am,10am,2pm) suddenly disappeared as well in minutes. So either LC server had some problem, or some big sharks have system problem that erroneously ate a lots of notes that typically they do not want.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 12:05:28 AM
Would someone be kind enough to post a link to the 2nd open loan, for those of us that live in states containing nothing but corn and sheep?  (And no origination)

I'm watching 6809893, what's the other?
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 12:09:50 AM
There is only one left.  The one you posted.

A second one just popped up, but it's only got $25 left. 6927024.

It's off again.
Title: Re: Lending Club Sells Out of Loans
Post by: Randawl on August 24, 2013, 12:12:26 AM
Would someone be kind enough to post a link to the 2nd open loan, for those of us that live in states containing nothing but corn and sheep?  (And no origination)

I'm watching 6809893, what's the other?

With tiny fractions of 6927024 falling back into availability intermittently.
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 12:15:24 AM
Has Prosper ever run out of loans?
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 12:18:28 AM
With tiny fractions of 6927024 falling back into availability intermittently.

Thanks so much, Randawl.  We're getting there!

Has Prosper ever run out of loans?

Since they're basically broke, they should just ask for loans themselves for their operational expenses and prop up the loan supply.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 24, 2013, 12:19:14 AM
1000 left! Pass the rum, core.
Title: Re: Lending Club Sells Out of Loans
Post by: Lovinglifestyle on August 24, 2013, 12:22:22 AM
$8975 received from 169 people, 90% funded.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 12:29:52 AM
875 lousy bucks left.  Use the force, Luke!

For the price of a mediocre bottle of rum, just $25, you too can own a piece of history.  You can say you were a part of the VERY LAST loan on Lending Club on Black Friday.  The day the loans died.   Once a month you'll receive photos of your sponsored child.... aww hell, come on, buy buy buy!
Title: Re: Lending Club Sells Out of Loans
Post by: DanB on August 24, 2013, 12:32:48 AM




Hey just remember that Peter sees the primary function/mandate of this forum as "educational". Therefore this period of extreme difficulty & famine affords you the perfect opportunity to "educate" us on how you're making those extraordinary returns on your signature line.  I've been told that I'm an excellent student & I am ready to learn!  :)

Buy low, sell high. 

And that's no joke!
[/quote]


Thank you for educating me, Core. I only hope that one day I too will be able to dish out such nuggets of excellence & be worthy of the educational standards you've set here. I will now go & ponder the wisdom of your words...............as I watch girls beach volleyball.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 12:36:49 AM
Thank you for educating me, Core. I only hope that one day I too will be able to dish out such nuggets of excellence & be worthy of the educational standards you've set here. I will now go & ponder the wisdom of your words...............as I watch girls beach volleyball.

Hey, you were going to charge me for the girls.  And the ideas.  Remember?

Allow me to quote one of your posts from a few months ago, because I think it provides a better answer than I could compose.  You seem to have a way with words:

Thank you. I'm pleased that you enjoy my responses. You know, once upon a time I used to confine my responses to the purely educational & analytical,................. but spending ones time trying to help others be better investors (for free) seems like a rather problematic & counterproductive endeavour, all things considered  :)

So nowadays I ration advice & fill up the remaining time with as much humor as I can muster.

Sound familiar?  It seems to fit perfectly here.  ;)
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 24, 2013, 12:44:17 AM
And we're there! 0 loans!

[attachment deleted by admin]
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 01:04:23 AM
And we're there! 0 loans!

I was showing $475 left on that one loan when you posted the screenshot, then $50 and now $25.   I wonder if there's some kind of "reserve" when they kill it from the search results?  Anyone else showing 0 results?  I'm not convinced we've reached the end of the world quite yet.  Another few minutes?
Title: Re: Lending Club Sells Out of Loans
Post by: Zach on August 24, 2013, 01:07:05 AM
And we're there! 0 loans!

I was showing $475 left on that one loan when you posted the screenshot, then $50 and now $25.   I wonder if there's some kind of "reserve" when they kill it from the search results?  Anyone else showing 0 results?  I'm not convinced we've reached the end of the world quite yet.  Another few minutes?

No, there's nothing there.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 01:14:12 AM
No, there's nothing there.

Confirmed, just now.

Folks, there are now no loans on Lending Club.  Mark the date, Black Friday 8/23/2013.  Life as you know it has now ended.

WOO HOO!   Drinks for everyone on me. 

The day the banks ran out of money.  The Mississippi has reversed direction!  There are no loans, only Zuul!  Lending Club, say hi to Michael Jackson for me.  I don't think we're in Kansas anymore.

Prepare to meet your doom.  This is big.
Title: Re: Lending Club Sells Out of Loans
Post by: 415ab on August 24, 2013, 01:22:23 AM
Looks like they've rustled up a new one to tide everyone over till morning.  An A5 looking for $12,375.  currently only $200 has been taken.  Loan was submitted this afternoon at 3:37 pm, so not sure why it didn't go with the others at 6pm.
Title: Re: Lending Club Sells Out of Loans
Post by: DanB on August 24, 2013, 01:27:01 AM
Thank you for educating me, Core. I only hope that one day I too will be able to dish out such nuggets of excellence & be worthy of the educational standards you've set here. I will now go & ponder the wisdom of your words...............as I watch girls beach volleyball.

Hey, you were going to charge me for the girls.  And the ideas.  Remember?

Allow me to quote one of your posts from a few months ago, because I think it provides a better answer than I could compose.  You seem to have a way with words:

Thank you. I'm pleased that you enjoy my responses. You know, once upon a time I used to confine my responses to the purely educational & analytical,................. but spending ones time trying to help others be better investors (for free) seems like a rather problematic & counterproductive endeavour, all things considered  :)

So nowadays I ration advice & fill up the remaining time with as much humor as I can muster.

Sound familiar?  It seems to fit perfectly here.  ;)

Sure, but it's important to understand & remember that I was totally against that type of thinking before I came to firmly embrace it.  :)
Title: Re: Lending Club Sells Out of Loans
Post by: berniemadeoff on August 24, 2013, 02:33:26 AM
LC RIP - Aug 2013
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 03:53:02 AM
LC RIP - Aug 2013

Perhaps, but prepare for an attack from the dead from them.  This should kick them into gear.  If they don't want their IPO to turn out like Facebook's, _something_ will be changed.  There is no other option for them.  Can you imagine this happening on the eve before the IPO?  Something's gotta change and quick, even if it's a bandaid that is more deceit than solution.  But this will NOT continue.

By the way, I like your new avatar.  Blonde is a good colour for you. 
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 24, 2013, 04:49:34 AM
Later in the evening there were suddenly 80+ notes available. I don't think this was an unfulfilled whole loan conversion, either.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 06:12:26 AM
Later in the evening there were suddenly 80+ notes available. I don't think this was an unfulfilled whole loan conversion, either.

Evening already, bryce?  It's 4am where the corn is, and probably still past your bedtime wherever.  You should be ashamed!  Do you kiss the pope with that mouth?
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 07:15:00 AM
You guys are going to think I'm nuts, but I think the loans that "appeared" early in the morning are the loans from the 9PM ET upload.  I Specifically remember this one:

https://www.lendingclub.com/browse/loanDetail.action?loan_id=6916809&previous=browse

At the 9PM upload, my Filter only turned up 2 new loans, a B1 and an A that I wasn't interested in.  I looked at the B1, and it was a Denny's Employee in Lancaster that wanted more than 10% payment/income, so I passed.  I'm absolutely sure of this, because it's the only note I looked at from that upload.  Now my filter is showing this B1 and an A2, which is probably the other note from last night.

So what happened?  Did the 9PM upload get deleted somehow from there server?  Did someone with a large balance "lock up" all the loans, then forget to release them?

Edit:  Look at the Q&A on the loan I linked.  Questions asked and answered late yesterday?  This isn't something that was posted at 4AM this morning.
Q: Which debts do you plan to pay off with this loan?
A: (08/23/2013-17:22) - With this loan I plan to pay off all my credit card debts.

Title: Re: Lending Club Sells Out of Loans
Post by: rawraw on August 24, 2013, 07:43:31 AM
This is quite amazing.  LC is definitely growing faster on the investor side than the borrower side -- I wonder how they will fix that.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 07:54:49 AM
You guys are going to think I'm nuts, but I think the loans that "appeared" early in the morning are the loans from the 9PM ET upload.  I Specifically remember this one:

GS, I think you may be an ET conactee.  I am not at all surprised that LC handed you the $50 without asking.
Title: Re: Lending Club Sells Out of Loans
Post by: Ran on August 24, 2013, 08:01:16 AM
You guys are going to think I'm nuts, but I think the loans that "appeared" early in the morning are the loans from the 9PM ET upload.  I Specifically remember this one:

https://www.lendingclub.com/browse/loanDetail.action?loan_id=6916809&previous=browse

At the 9PM upload, my Filter only turned up 2 new loans, a B1 and an A that I wasn't interested in.  I looked at the B1, and it was a Denny's Employee in Lancaster that wanted more than 10% payment/income, so I passed.  I'm absolutely sure of this, because it's the only note I looked at from that upload.  Now my filter is showing this B1 and an A2, which is probably the other note from last night.

So what happened?  Did the 9PM upload get deleted somehow from there server?  Did someone with a large balance "lock up" all the loans, then forget to release them?

Edit:  Look at the Q&A on the loan I linked.  Questions asked and answered late yesterday?  This isn't something that was posted at 4AM this morning.
Q: Which debts do you plan to pay off with this loan?
A: (08/23/2013-17:22) - With this loan I plan to pay off all my credit card debts.

I think LC server had a problem 6:00pm PST Friday. Maybe they were crashed by peak requests.
Fro example,the two loans
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6936119
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6715905
were listed on 8/22 Thursday, and now they are back
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 08:14:04 AM
Good find, Ran.

I just noticed that I have a note that I bought yesterday at the 5PM ET (IIRC) upload, that's back in funding, and only at 24%.  This one also has Q&A answers from yesterday:
 
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6886728

It is possible that a "crash" would only allow some the notes to appear on the platform, while others were missing?  You'd think a crash would take down all the loans, but we were able to watch the number of loans dwindle down in the single digits last night.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 08:42:22 AM
There was no crash, at least not in the technical sense.   What crashed is LC itself --   if you want to call it that.
Title: Re: Lending Club Sells Out of Loans
Post by: Ran on August 24, 2013, 08:53:59 AM
Good find, Ran.

I just noticed that I have a note that I bought yesterday at the 5PM ET (IIRC) upload, that's back in funding, and only at 24%.  This one also has Q&A answers from yesterday:
 
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6886728

It is possible that a "crash" would only allow some the notes to appear on the platform, while others were missing?  You'd think a crash would take down all the loans, but we were able to watch the number of loans dwindle down in the single digits last night.
I remember LC server was even downed earlier this week at peak release time. LC probably did not design their servers & database in a way to handle today's mass lender demand. If their database was damaged in a certain way, they can supply some loans and then restore the rest of it.
This reminds me why they are still testing their official APIs. I believe LC has full functional APIs but not the capacity to handle it. This actually forced many service provides like p2picks and interestRadar and people like me who are technical to go through scripting, which actually impacted their capacity further since server has to deliver extra data makeup through ordinary data access channel.
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 08:56:46 AM
Core,

If it wasn't a crash or technical glitch, then I can think of only two things that could explain a bunch of loans from Thursday/Friday's posting -- disappearing -- then reappearing Saturday morning. 

Either someone with a lot of money ran wild with the shopping cart lock-up feature, or LC unwound the trades of a large investor and put their share back on the market.  Maybe it was LC Prime or LCA that got unwound.  Do you care to guess as a possible explanation?

To me, technical glitch sounds most likely. 
Title: Re: Lending Club Sells Out of Loans
Post by: Ran on August 24, 2013, 09:10:13 AM
Core,

If it wasn't a crash or technical glitch, then I can think of only two things that could explain a bunch of loans from Thursday/Friday's posting -- disappearing -- then reappearing Saturday morning. 

Either someone with a lot of money ran wild with the shopping cart lock-up feature, or LC unwound the trades of a large investor and put their share back on the market.  Maybe it was LC Prime or LCA that got unwound.  Do you care to guess as a possible explaination?

To me, technical glitch sounds most likely.

Looks like things are back to normal now.
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6917107
https://www.lendingclub.com/browse/loanDetail.action?loan_id=6897053
these two loans are gone in seconds.
Title: Re: Lending Club Sells Out of Loans
Post by: cfb on August 24, 2013, 09:12:56 AM
There were over 100 loans released at 6pm last night.  Ran down to zero late last night, and there were 70-something at 5am when I looked in.  Do they have another release time in the middle of the night we don't know about, because that one would be serviced only by automated processes, companies with employees working 3rd shift, and night owls.

Since there were still 70 crappy loans sitting there, I'll guess that the institutional/automated buyers aren't taking lesser quality loans, just individuals plinking away on their keyboards.

Went over 100 again at 6am pacific time.  I got a couple.  Gone in seconds.  I threw a couple back and by the time I refreshed, they were no longer in inventory either.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 24, 2013, 09:16:18 AM
I doubt there was a person going wild with the shopping cart lockup feature. LC releases abandoned shopping carts after about 30 minutes. So, we'd have to see someone being quick to rebuild their cart on a continuous basis. We were watching so carefully last night and didn't see too many loans reappear after being fully funded.
Title: Re: Lending Club Sells Out of Loans
Post by: brycemason on August 24, 2013, 09:18:35 AM
As far as I know there is no way to get your money back after you place an order. I'm going with the "LC must have unwound a bunch of buys" hypothesis. I am sure curious! And I wish I knew the precise time of the mystery upload.
Title: Re: Lending Club Sells Out of Loans
Post by: core on August 24, 2013, 09:22:17 AM
Core,  If it wasn't a crash or technical glitch, then I can think of only two things that could explain a bunch of loans from Thursday/Friday's posting -- disappearing -- then reappearing Saturday morning. 

Ok, I'm fessing up:  I tried to cormer the market.  I failed, meaning ran out of cash.

Do you care to guess as a possible explanation?

Please remember to ask me once my head stops spinning.   Last night's 0-loan event really put a dent in my head.

I can't even think today.  It was the celebratory rum.  (Still is.)  Now I know how borrowers feel.  Knocked right sideways.
Title: Re: Lending Club Sells Out of Loans
Post by: GS on August 24, 2013, 09:25:26 AM
Ok, I'm fessing up:  I tried to cormer the market.  I failed, meaning ran out of cash.

It happened to me, too.  That LC bonus payment didn't go as far as I thought it would.

Title: Re: Lending Club Sells Out of Loans
Post by: Fred on August 24, 2013, 11:51:01 AM
And I wish I knew the precise time of the mystery upload.

I don't keep connections open 24-hr to LC site, but NSR shows gradual increase between 10:40 - 11:10 PM Pacific Friday.
Title: Re: Lending Club Sells Out of Loans
Post by: Fred on August 24, 2013, 11:53:29 AM
There was no crash, at least not in the technical sense.   What crashed is LC itself --   if you want to call it that.

The web server was alive; however, the database server or some post-funding processor might have had some glitches.
Title: Re: Lending Club Sells Out of Loans
Post by: Fred on August 24, 2013, 12:04:01 PM
I doubt there was a person going wild with the shopping cart lockup feature.

I didn't see this last night either.

However, in theory, it only takes $2 M to gobble up the full amount of all loans during LC feeding times nowadays;  and only $200,000 to put $1000 on all loans.
Title: Re: Lending Club Sells Out of Loans
Post by: Peter on August 24, 2013, 04:00:20 PM
The official word is that it was a technical glitch with the 6pm loan additions last night. Eventually the full suite of loans were added properly but it took several hours before the 6pm loan was fully added. So, bottom line, the 100 loans did not get fully invested within 2-3 minutes as many of us first thought.
Title: Re: Lending Club Sells Out of Loans
Post by: Simon on August 24, 2013, 04:27:20 PM
Reading back over this thread is amazing - wish I could've joined the fun :). That screenshot...

Lending Club must be under so much pressure to keep up with this demand.
Title: Re: Lending Club Sells Out of Loans
Post by: AnilG on August 24, 2013, 05:12:42 PM
Based on @peercube tweets, PeerCube detected new loans at 22:50, 23:05, and 23:20. Actually, it was fun last night shopping for loans without the rush to invest. Took my time lending to loans after review. :-)

PeerCube: Lending Club Available Loans Tracker - Total: 48 New: 27 at 18:05. Review loans at http://t.co/jxCUgJ0pQt
PeerCube: Lending Club Available Loans Tracker - Total: 29 New: 19 at 18:20. Review loans at http://t.co/jxCUgJ0pQt
PeerCube: Lending Club Available Loans Tracker - Total: 10 New: 9 at 22:50. Review loans at http://t.co/jxCUgJ0pQt
PeerCube: Lending Club Available Loans Tracker - Total: 35 New: 25 at 23:05. Review loans at http://t.co/jxCUgJ0pQt
PeerCube: Lending Club Available Loans Tracker - Total: 87 New: 52 at 23:20. Review loans at http://t.co/jxCUgJ0pQt
PeerCube: Lending Club Available Loans Tracker - Total: 116 New: 52 at 06:05. Review loans at http://t.co/jxCUgJ0pQt

There were over 100 loans released at 6pm last night.  Ran down to zero late last night, and there were 70-something at 5am when I looked in.  Do they have another release time in the middle of the night we don't know about, because that one would be serviced only by automated processes, companies with employees working 3rd shift, and night owls.

Since there were still 70 crappy loans sitting there, I'll guess that the institutional/automated buyers aren't taking lesser quality loans, just individuals plinking away on their keyboards.

Went over 100 again at 6am pacific time.  I got a couple.  Gone in seconds.  I threw a couple back and by the time I refreshed, they were no longer in inventory either.
Title: Re: Lending Club Sells Out of Loans
Post by: cfb on August 27, 2013, 12:10:02 PM
Huge (relatively speaking) lump of notes dropped at 6pm last night...over 250.  Then LC's site had some serious problems that appear to have stymied the autobuy's and maybe everyone else.  I managed to buy a slice of over 40 notes that all looked pretty good, but I had to refresh about 15 times before the errors I was getting went away.
Title: Re: Lending Club Sells Out of Loans
Post by: avid investor on August 29, 2013, 09:11:40 AM
Nearly all good notes, all the time now, are funding in less than 10 minutes.  Period.  Been in LC for a number of years, with a significant exposure, and it has never been like this before the last few months.

I have NOT, however, had to "soften" my lending criteria.  There ARE strategies, at least for now.  They keys are WHEN to look for notes and how to select them once you have done so.

Bottom line... we have to work harder to stay fully invested, but if you invest more frequently, you won't have as much to invest when you do.

Ever since "approved" notes went away (months ago), we all have no choice but to have some money on the sidelines however, since it will take days for these fully-funded-yet-unapproved notes to actually disburse.  And when they don't, we have to reinvest the same dollars on other notes. 

So why bother?  Easy answer... where else can you get 9 or 10% on your money without the wild swings of the market?