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Topics - jheizer

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General Discussion / GroundFloor Cash Drag
« on: January 24, 2018, 11:20:02 AM »
I gotta admit its kind of getting me down.  It seems I always have at least 5% and up to 10% of the account balance in cash.

General Discussion / GroundFloor equity offering
« on: December 04, 2017, 11:07:13 PM »
While I have no interest in buying in, I was bored tonight and they sent a reminder email so I skimmed the prospectus a bit.

Risks Related to Investing in Groundfloor Common Stock
Our auditor has expressed substantial doubt about our ability to continue as a going concern.
Our financial statements for the period ended December 31, 2016 include a going concern note from our auditors. We incurred
a net loss for the year ending December 31, 2016 and the six months ending June 30, 2017, and had an accumulated deficit of
$7,444,368 and $9,420,841 as of December 31, 2016 and June 30, 2017, respectively. In view of these matters, our ability to continue
as a going concern is dependent upon our ability to increase operations and to achieve a level of profitability. Groundfloor Finance’s
most recent audited financial statements also included a going concern note from its auditors due to its history of net losses.
Additionally, the financial statements for Groundfloor Real Estate 1, LLC, a subsidiary of Groundfloor Finance (“GRE 1”) for the
period ended December 31, 2016 include a going concern note from our auditors.

Daaaang.  They aren't doing so hot.

General P2P Lending Discussion / Groundfloor loan with $0 gain
« on: August 23, 2017, 08:12:19 PM »

After repair value = cost of property + cost of repairs

And they plan to sell it when done.  What am I missing?  Its an A grade too?

Edit: And the purchase price = completed price.  Its almost like they bought it with cash then used groundfloor to pull some money out but for what reason?  I guess just to have more cash on hand for other projects maybe.  LLC was formed 2 weeks before it was bought.

At Lending Club, we are committed to improving experiences for both borrowers and investors. We're excited to announce that after a beta test, we will begin offering hardship plans to borrowers effective May 4, 2017. Hardship plans allow borrowers to temporarily make interest-only payments to accommodate an unexpected life event. As part of this change we are also making additional data fields related to these plans available for investors.
Lending Club continuously looks to put lending industry best practices to work. Hardship plans are commonly offered to borrowers in the lending industry because they allow borrowers time to adjust to a life event (like a medical emergency, temporary job loss, unexpected car or home repairs, death in the family, or other events). Hardship plans are in accordance with commercially reasonable efforts to service and collect on loans, as well as with our prospectus, which provides us flexibility to work with a borrower to structure a new payment plan if needed.
Our hardship plan program specifically targets borrowers who are more likely to return to repaying their loan. Under the plan, borrowers are allowed to temporarily make interest-only payments for a period of 3 months to accommodate an unexpected life event. After 3 months, regular payment terms and obligations resume. Only borrowers who fulfill specific characteristics (such as a demonstrated history of repayment) and who claim a hardship will be offered plans. Importantly, borrowers' loans must be either current or between 1 and 30 days past due to qualify for a hardship plan.
We believe the hardship program will work to protect investor returns as borrowers whose loans may otherwise progress to charge-off status have the opportunity to make interim payments and some portion may revert to current status.
Finally, we are adding 15 new data attributes of borrowers who utilize hardship plans to investor reports and the API. The fields will only apply for hardship plans offered as of May 4, 2017 and going forward. You can find more information on these new data fields here.
Offering hardship plans is both consistent with our values - doing the right thing by borrowers while they're getting back on their feet - and helps to protect investor returns. We will potentially look to expand to different types of hardship plans in the future as we gain further insight into borrower behavior and continue to listen to customer feedback.
Please feel free to reach out with any questions - we welcome your feedback.

Investors - LC / Investment order received Emails
« on: March 29, 2017, 09:57:23 PM »
Anyone else notice these stopped sending?  I stopped my buyer from sending me emails a while back as it was just more to look at each day.  I was thinking tonight that I hadn't seen any notes purchased lately.  Checked my server, buyer, etc.  Finally dumb me looked at the order history and I'm been buying almost every day like normal.  I guess they decided we didn't like these emails for.  I'd much rather have them than the "All Notes Issues" emails that are still coming.

Investors - LC / Email - Changes to Grace Period Interest Accrual
« on: February 24, 2017, 01:24:39 PM »
Since some times we all get them at different times:

Dear Investor,
As you know, we continually revisit our processes and procedures to optimize the performance of our marketplace.
Starting today, Feb 24, 2017, we are eliminating the grace period interest waiver in order to better align borrower payment incentives as we seek to deliver solid returns to our investors. Please see details below and don't hesitate to let us know if you have any questions.
•   Lending Club historically offered borrowers a 15-day "grace period" in which they could make payments after their due date without penalty. Historically, if borrowers made a payment within the first 15 days after their due date: 1) they would not accrue a late fee for paying their amount due late; and 2) any interest accrued during grace period would be waived.
•   Under the new policy, if a borrower pays between 1-15 days past their due date, they will still receive the benefit of not accruing a late fee, but they will now have to pay the additional accrued interest as a result of their late payment. This will have the effect of additional interest being accrued over the life of the loan due to the incremental higher principal balance throughout the life of the loan. Any additional interest accrued over the life of the loan ultimately has the effect of increasing the loan maturity by one month.
•   New policy will be applied on all payments going forward for all loans as of February 24, 2017.
We believe this policy is beneficial for both borrowers and investors.
As always, thank you for your business, and feel free to reach out to or (888) 596-3159 M-F 7am-5pm PT with any questions.

Investors - LC / New Understanding Your Returns Chart
« on: November 15, 2016, 10:24:41 AM »
I guess with so many dots that look negative now they didn't want people seeing the dots as clearly.

General Lending Club Discussion / Car refis
« on: October 25, 2016, 11:59:34 AM »

Lending Club will start its auto loan business in its home patch of California, and plans to expand nationwide early next year. Loans of between $5,000 and $50,000 will be provided by WebBank, the Utah-based bank that supplies all Lending Club’s personal loans. Terms will range from two to six years, with interest rates ranging from 2.49 per cent a year to 19.99 per cent.

Investors - LC / Lending club partner banks
« on: October 13, 2016, 09:37:51 AM »
Is there a list, filing, etc somewhere where they list out banks that are feeding them loan applications?  I tried skimming the 10-Q and such but didn't quickly see anything.  There has been talk of competitors like Discover lately.  A few months ago I heard radio ads for a local company that basically only does personal non-payday like loans.  $500-$10000.  Now this morning I heard the little local credit union advertising them as well.  For a tiny midwest "two town" town with a combined population of 130k people I was just surprised to heard these ads, but didn't quickly find clues on if they were doing the loans themselves of forwarding them on.  The websites are all very not LC styled, but they could be doing it behind the scenes or sending it to another company like Sofi.  Just wondering how much larger our competition is getting. 

For the curious:
Credit union -
Loan Company -

Investors - LC / Investor and Late fees
« on: June 30, 2016, 10:58:40 AM »
I know there has been some discussion on why LC never seems to want to charge late fees, but in this specific case I'm more curious why the investor fee seems to bouchange.  Some payments take out $.01 and others $.10?

There hasn't even been a single LC initiated Collection log entry.

Investors - LC / Orders Expired
« on: June 17, 2016, 12:14:50 PM »
Has anyone else noticed he number of notes you attempt to buy that then expired seems to have dropped a lot recently.  This is the percent of all notes in an order that then expired.

You can see my break from the May mess.  But even before that it really drops in March.

General Lending Club Discussion / Another Scott Sanborn Email
« on: June 01, 2016, 09:39:09 PM »
Hello Jonathan,
I wanted to check back in.
Some of you responded to my first email with a note about your continued support; others of you are talking to our Investor Services team to get your questions answered.
The most common question we're getting is this: Are we committed to individual investors?
Emphatically, yes.
You're the heart of our marketplace.
We started Lending Club with the simple but revolutionary idea that we could democratize access to consumer credit. That idea - and our commitment to it - will never change.
Our mission is to make people's lives better. That's true for borrowers - helping them get access to responsible credit - as well as investors. We want to help you build your financial future.
You've always been the foundation of our marketplace. You helped us start Lending Club in 2007; now our individual investor base is over 150,000 members strong. We've also improved the platform based on your feedback. We created Automated Investing, simplified the IRA investment process, and integrated our platform with TurboTax.
We're doubling down on our efforts to serve you. We're staffing up on our Investor Services team and are eager to connect with you to see how you're doing. We're also dedicating more engineering resources to you to ensure you have a great investment experience.
We want your ideas on what else we can do.
To prove our commitment and thank you for investing with us, we're offering a bonus for new funds transferred to your account by July 15, 2016.1 The more you invest, the bigger the bonus you could receive.
bonus chart
In the meantime, keep your ideas and questions coming. Our Investor Services team is here to help.
Scott Sanborn
Lending Club President & Acting CEO

We're broke and you all left.  Bring back the money please.  I was like oh oh BVR?!? oh, no, meh.  And not only does the money have to be deposited, but fully invested.

Fine print

1 To be eligible for this bonus offer, you must: 1) schedule a transfer of funds from your external bank account to your Lending Club account by July 15, 2016, and 2) invest the transferred funds through the Lending Club platform by August 15, 2016. The amount of any bonus will be based on both the amount of new funds transferred from external accounts and the amount of those funds invested by August 15, 2016 and will be calculated as follows: transfer and invest $5,000 to $9,999 to be eligible to receive $100, transfer and invest $10,000 to $24,999 to be eligible to receive $200, transfer and invest $25,000 to $49,999 to be eligible to receive $500, transfer and invest $50,000 to $99,999 to be eligible to receive $1,000, and transfer and invest $100,000 or more to be eligible to receive $2,000. Existing account balances will not be considered in determining the amount of or eligibility for any bonus described in this offer. All bonuses are given as an account credit. Any bonus awarded will be credited to your account by October 15, 2016. All bonuses are for investment only and will not be available for withdrawal or transfer from your Lending Club account. Bonuses and account credits may be subject to U.S. withholding taxes and any taxes related to the bonus or credit are your responsibility. "Invested" means that the funds have been used to purchase Notes issued through the Lending Club platform. Transactions on the Folio Investing Note Trading Platform* do not count toward the "invested" amount for purposes of determining eligibility or calculating bonus amounts for this offer. Minimum transfer and investment amount of $5,000 to qualify. Maximum bonus is $2,000. One bonus per account. Lending Club reserves the right to modify these terms and conditions or terminate this offer at any time. Other terms and conditions, or eligibility criteria, may apply. Lending Club does not provide investment advice, and the information presented here is not intended to be investment, tax, or legal advice. Offer is nontransferable and may not be combined with other offers.

Foliofn - LC / Watch out everyone
« on: May 16, 2016, 10:03:26 PM »
This ain't good

General P2P Lending Discussion / LendIt Discussion
« on: April 11, 2016, 01:01:00 PM »
How about a thread to discuss topics from the live stream for anyone else watching.

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