Author Topic: Can't sell notes in folio, Lending Club trading platform?  (Read 13995 times)

zoolender

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Can't sell notes in folio, Lending Club trading platform?
« on: September 11, 2014, 03:18:20 PM »
Hi,

Long-time investor in Lending Club, first time forum poster. I've found that in the last half year or so, I've not been able to sell any notes on folio, the trading platform. Doesn't seem to matter how low I price the notes for.

Is anyone else experiencing this? Would love to see what others' experience with selling their notes have been in the recent months.

Thanks.

rawraw

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #1 on: September 11, 2014, 04:04:49 PM »
I sell notes biweekly.  Normally around 40-50 at a time and they sell pretty quickly.

GS

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #2 on: September 11, 2014, 05:38:26 PM »
Can you give us an example of what you are trying to sell, and how much you are asking? 

Lovinglifestyle

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #3 on: September 11, 2014, 07:25:23 PM »
Where my selling price kicks in for lates:

16+  days late:  -70%
31+  days late:  -90%

zoolender

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #4 on: September 11, 2014, 07:34:16 PM »
Thanks for the responses.

I was pricing them based on blogs & Nickel Steamroller...read somewhere quite a while ago of someone who priced in grace period notes at 2-3% discount and was successful. And that sort of worked for a while.

Late notes are being priced from 25-75% off depending on degree of lateness.

From what Lovinglifestyle shared, I must not be pricing aggressively enough. I'll give that a try.

RaymondG

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #5 on: September 11, 2014, 07:37:19 PM »
I sold several 31+late notes in last two weeks. Most of them  were sold soon after I marked price down to less than -90%. Could you provide an loan ID of what you are selling -90%? I may try to buy it to see if it will work. No more than $2 please.

Update: actually 60+PD for -90% discount.
« Last Edit: September 11, 2014, 11:07:08 PM by RaymondG »

Lovinglifestyle

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #6 on: September 11, 2014, 09:14:05 PM »
Sorry, my lates are all gone now.
I'm working on a batch of Graces at -20% so far.

rawraw

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #7 on: September 11, 2014, 09:14:41 PM »
You guys are selling 31 PD for 90% discount?  Maybe Fred is onto something. . .

Fred

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #8 on: September 12, 2014, 12:10:16 AM »
You guys are selling 31 PD for 90% discount?  Maybe Fred is onto something. . .

If you guys are into mark-to-model (I was), this should be a good guide:



If you are into mark-to-market (I am), you should run daily statistics on FOLIOfn prices.

rawraw

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #9 on: September 12, 2014, 06:59:25 AM »
If I knew how to program, I'd  be more active on Folio.  I think there is a lot of mispricing going on there.

hoggy1

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #10 on: September 12, 2014, 09:27:30 AM »
I found a couple beauty's last week. Someone was selling all their $25 newly late 16+ days notes for $10 even. I bought 2 that had 2 or 3 on time payments and otherwise looked good and both came current within the week.
Steve

rawraw

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #11 on: September 12, 2014, 10:25:21 AM »
I found a couple beauty's last week. Someone was selling all their $25 newly late 16+ days notes for $10 even. I bought 2 that had 2 or 3 on time payments and otherwise looked good and both came current within the week.
Perfect example.  And sometimes I can be rational (I sell things are pretty good mark downs sometimes.  It limits my losses while still getting a positive return, due to the previous amortization).  The new person gets a yield they think compensates for the risks.

Ran

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #12 on: September 12, 2014, 03:39:52 PM »
I found a couple beauty's last week. Someone was selling all their $25 newly late 16+ days notes for $10 even. I bought 2 that had 2 or 3 on time payments and otherwise looked good and both came current within the week.
Perfect example for someone to unload Late 16-30 notes ate a gain ;D
If you collect more than 20~30 notes of Late 16-30 that are never late before, no big FICO drop, and not promised to pay in collection logs, 3 months later you will find 70~80% of them in Late 31+.

hoggy1

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #13 on: September 12, 2014, 05:50:48 PM »
I found a couple beauty's last week. Someone was selling all their $25 newly late 16+ days notes for $10 even. I bought 2 that had 2 or 3 on time payments and otherwise looked good and both came current within the week.
Perfect example for someone to unload Late 16-30 notes ate a gain ;D
If you collect more than 20~30 notes of Late 16-30 that are never late before, no big FICO drop, and not promised to pay in collection logs, 3 months later you will find 70~80% of them in Late 31+.
They are my only two A grade notes I own now earning over 7%/month (>84% APR) on my $10 investment. I wasn't planning on keeping them because they don't meet a few of my other criteria but they look pretty tough right now.

https://www.lendingclub.com/account/loanPerf.action?loan_id=20701392&order_id=35812859&note_id=51976526
https://www.lendingclub.com/account/loanPerf.action?loan_id=20752098&order_id=35812858&note_id=51976754
Steve

thezfunk

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Re: Can't sell notes in folio, Lending Club trading platform?
« Reply #14 on: September 16, 2014, 12:38:43 PM »
Where my selling price kicks in for lates:

16+  days late:  -70%
31+  days late:  -90%

That's exactly my experience too.  Although I mark down each day until they are gone.  Right now I have no interest in babysitting bad notes.  Someone else can have them.  Sometimes I get 31+ day late ones gone at -80% or -85% but most go at -90%.