Author Topic: "Expired" Notes on Prosper  (Read 5644 times)

Roghaltz

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"Expired" Notes on Prosper
« on: July 03, 2013, 07:07:47 PM »
Hi All,
I am a new Prosper investor (I invested in 2006 for a couple years and then left and am back now that the situation seems to have improved). I have set up several automatic quick investment searches and they are generally finding loans at a reasonable rate. However, of the first 52 loans the searches have found, 11 of them have "expired" within 24 hours or so. On the Expired tab it says:

"Loans in which your investment order was not successfully placed because the loan expired, was funded by other Prosper lenders, was cancelled, or was withdrawn at the borrower's request"

I was wondering about what is really going on? If the borrower was not able to provide documents or Prosper cancelled it for some other reason I am fine with that. But what does "funded by other Prosper lenders" mean? I assume it means that there are more investors (in terms of $) than the size of the note (i.e. $50,000 of investor matches the note criteria, but there is only $25,000 to lend). If so, how does Prosper choose who gets to invest and who gets "expired" instead? Or is something else going on? It's frustrating to watch loans you that you think you've invested in expire suddenly.

I clicked through on several of them. Most of them appear to be fully funded with no problems. A few say "this listing was withdrawn, cancelled, etc".

Is this a typical rate of expireds? (11 out of 52, around 20%)?

Anyone else have a similar experience?

Thanks in advance.

SeattleSun

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Re: "Expired" Notes on Prosper
« Reply #1 on: July 03, 2013, 07:45:06 PM »

I maybe some what of a newbee too and can't find the 'screen' you are talking about.

I have 600 notes and 22 "Pending Investments".  I don't track the pending investments that close to see how many don't become notes.  Couldn't/can't find a function on the Prosper web site that does that.




Roghaltz

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Re: "Expired" Notes on Prosper
« Reply #2 on: July 03, 2013, 08:27:58 PM »
If you click on "My Quick Invest" it shows all the Automated Investment orders that have run and indicates for each one whether it is Pending, Expired or Invested (which of course changes over time).


agd

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Re: "Expired" Notes on Prosper
« Reply #3 on: July 03, 2013, 11:48:07 PM »
For listings initiated between 4-20 and 6-10 65% of the listings ultimately funded on Prosper (62% for listings starting on the fractional platform).  28% typically end up in this "cancelled" status, 0.4% end up expired, and 6% end up withdrawn.  I do know that a fair amount of the borrowers that cancel/withdraw do end up re-listing. 

The term "Funded By Other Prosper Lenders" is probably from a legacy explanation from Prosper 1.0 where lender's bids could get outbid by other lenders bidding a lower rate.


Roghaltz

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Re: "Expired" Notes on Prosper
« Reply #4 on: July 04, 2013, 10:47:02 AM »
Agd,
Thanks for the info. Where did you get those statistics?


agd

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Re: "Expired" Notes on Prosper
« Reply #5 on: July 04, 2013, 01:19:57 PM »
The API :)

SeattleSun

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Re: "Expired" Notes on Prosper
« Reply #6 on: July 21, 2013, 10:43:36 PM »
If you click on "My Quick Invest" it shows all the Automated Investment orders that have run and indicates for each one whether it is Pending, Expired or Invested (which of course changes over time).

Thanks but I don't use "Quick Invest" I do all my investments manually.

Any work around?