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Messages - MarinBB

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1
Investors - LC / Re: Participation Cap in Fractional Market
« on: December 13, 2019, 11:02:17 AM »
I spoke with LC and, sure enough, there is no cap on participation in the fractional market so, yes, it's possible for a single investor to take down a whole listing.

2
Investors - LC / Participation Cap in Fractional Market
« on: December 09, 2019, 08:09:14 PM »
Did LC do away with the participation cap in the fractional market? I thought that one couldn't buy more than ~10% of a listing, but this one was filled in its entirety by one person when it became available: https://www.lendingclub.com/browse/loanDetail.action?loan_id=163026028.

3
Investors - LC / Re: LC loan quality shift April 2019
« on: July 20, 2019, 02:10:17 PM »
In July it looks like they're making more notes available than in the preceding few months, but there is heavy competition for them.  On the whole-loan market they are bought instantly.

That's probably a good thing in the current situation. If the listings linger too long on the fractional and whole loan platforms, they wouldn't be too incentivized to channel more loans to these platforms.

4
Investors - LC / Re: Need Help Writing Automation Script
« on: July 16, 2019, 11:33:37 AM »
Also, is there a way to retrieve specific variables instead of all 119 variables when retrieving data for new loans?

I'm not aware of a way to request only a subset of the fields in a listing via the API.

5
Investors - LC / Re: LC new interest rates July 2019
« on: July 13, 2019, 02:13:52 PM »
This is really cool, thanks for keeping track over time.

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Investors - LC / Re: LC loan quality shift April 2019
« on: June 22, 2019, 01:49:22 PM »

As a result of this, I've been transferring money out of my LC account.  Does no good to keep it there if I can't invest.

I have loosened my filters a bit, but this has not produced any significant improvement. 

I told LC they are driving retail customers away.  They deny it.  ...but it's true. 

My theory is that as their business shifts to mostly one of selling packaged products to banks, they are intentionally ramping down the note business.

Same story here. I relaxed my criteria about as far as I'm willing to go (tax-equivalent predicted yield roughly equal to muni bond ETF yield), but cash keeps piling up. I've been taking money out too.

7
Investors - LC / Re: Is LC no longer interested in retail investors?
« on: November 12, 2018, 01:55:14 PM »
Yeah, that looks brutal. I asked them what's going on. We'll see if anything comes back...

I got the standard answer; i can't help but feel like they're winding down the fractional platform:

Quote
Thank you for reaching out to us.

Loan inventory varies over time due to internal and external factors. As a two-sided marketplace we are constantly monitoring loan inventory and working to match supply and demand between our investors and borrowers. Please note, we make new loans available four times a day at 6:00am, 10:00am, 2:00pm, and 6:00pm, PST. Please check during these times to see new availability.

I apologize for this inconvenience. Let me know if you have any additional questions."

8
Investors - LC / Re: Is LC no longer interested in retail investors?
« on: November 11, 2018, 06:10:23 PM »
New loans in October are 1/2 of September and about 1/3 of July August volume :(
Looks like November will be even less than October.
Is LC giving all of us a hint?

Yeah, that looks brutal. I asked them what's going on. We'll see if anything comes back...

9
Investors - LC / Re: Is LC no longer interested in retail investors?
« on: November 08, 2018, 03:51:35 PM »
The drop-off of loan availability on the fractional platform seems to be persisting well into November. Do you agree that fewer loans are now coming onto the platform than earlier in Q4? Has anyone asked LC about it?

10
Investors - LC / Re: Take on debt and put it in Lending Club?
« on: April 29, 2018, 03:04:27 PM »
Don't invest borrowed money in LC.  I do same in much bigger scale (200k+). There are other platforms with lower risk and higher return.

Go on...

11
Investors - LC / Re: Are things improving?
« on: March 27, 2018, 09:57:29 AM »
Yes, recent notes that I purchased after mid-2017 seem to be much firmer than previous vintages.

12
Investors - LC / Re: Cumulative ROI by Vintage Beginning 14Q1
« on: January 06, 2018, 07:24:35 PM »
When I posted these tables last quarter I trampled on another thread so I figured it would be best to start a new thread on the topic.
The tables are another way to look at the Cumulative ROI numbers provided in graph form by Insikt's excellent web site.
I think the data speaks for itself.
These are beautiful, thanks for doing this. Do you have a summary tab for all LC loans that is not sliced by Grade?

13
Investors - LC / Re: Recoveries: More than usual?
« on: January 06, 2018, 07:22:47 PM »
Anyone else get a ton of them Jan 5?  Not sure it's just the normal amount, but I noticed my paltry Adj. return bumped up .1% to 3.46% which was pleasing and seemed more substantial than in the past.  I have not been investing much for about 1 year.
Yes, I also got an unusually large cluster of Recovery payments and fees on 1/5.

14
Investors - LC / Re: Worst Loan of the Day Thread, Grades A - C
« on: December 20, 2017, 12:52:17 PM »
In addition to posting the duds of the day, I would love it if you also post why you think each loan is the biggest stinker. This would be good for me to understand how other people evaluate bad/risky loans.

I also passed on https://www.lendingclub.com/browse/loanDetail.action?loan_id=125988314. Negative items for me included that: the payment is large relative to income, credit history is brief, credit utilization is very high, etc.

15
Investors - LC / Re: LC Cash on Balance Sheet Down
« on: November 11, 2017, 07:14:52 PM »
You can't write off principal losses against interest income.

I  believe that banks and some other kinds of institutional investors who own the loans can and do.

That's correct, the rules for Individuals and Businesses are different.

In IRS 550 (https://www.irs.gov/pub/irs-pdf/p550.pdf), see the note on Nonbusiness Bad Debt: "There are two kinds of bad debts—business and nonbusiness. A business bad debt, generally, is one that comes from operating your trade or business and is deductible as a business loss. All other bad debts are nonbusiness bad debts and are deductible as short-term capital losses."

Then, in IRS 535 (https://www.irs.gov/publications/p535#idm140154571253056), check out the section on Business Bad Debts.

I have not yet lookied into all of the implications of claiming a LC account as a business lending activity such that one could write off the losses against interest income.


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