Author Topic: FolioFn discontinued  (Read 2700 times)

ThinleyWangchuk

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FolioFn discontinued
« on: September 29, 2016, 01:02:44 PM »
We are writing to let you know that as of October 27, 2016, Prosper will no longer offer the Folio Investing Note Trader platform, the secondary market for Prosper Notes. Prosper has found over time that very few investors are using the secondary market and, as such, has made the decision to no longer offer this service. We apologize for any inconvenience that this causes. Prosper remains committed to its retail investor clients and to providing them a great experience.

Here's what this means for you: The secondary market trading service will be available as normal until end of day (5:30 pm PST) October 19, 2016. After that time, any new orders to list Notes for sale will not have sufficient time to be completed and processed before the site becomes unavailable to users at the end of day (5:30 pm PST) on October 27, 2016.

Once the secondary market trading service is terminated, you will not be able to sell Notes that you own, and you will need to hold them to maturity.

If you have questions about your Notes or the wind-down of the Folio Investing Note Trader platform, please contact Prosper customer service at 877-611-8797.

Fudgenut

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Re: FolioFn discontinued
« Reply #1 on: September 29, 2016, 01:09:44 PM »
Crazzzzzzzzzzziness!

I think I will be depositing a boat load of money into Prosper.  I picture prices on Prosper folio in an absolute free-fall come October 27th...

Rob L

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Re: FolioFn discontinued
« Reply #2 on: September 29, 2016, 01:44:01 PM »
What an amazing coincidence of timing. Only two weeks ago I gave up completely on Prosper, turned off auto-invest, and decided to let nature take its course. I'm thankful and lucky that I didn't plan to use Folio nor did I spend any time developing the knowledge or tools to do so. There's gotta be a lot of individuals and third party providers who've put a great deal of time and effort into Prosper Folio only to get burned by this (that's a guess; I haven't checked it out).

Meanwhile this will surely put a dent in retail demand for new notes. Zero liquidity now; no way to get out (at any cost) if you need the money unexpectedly.

Looking forward to Peter's blog on this when it appears. Nothing yet so I'd guess he was caught by surprise as were we all.

jbone

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Re: FolioFn discontinued
« Reply #3 on: September 30, 2016, 05:38:47 PM »
Just saw your post about prosper ending their folio platform this month.

I'm trying to liquidate my account before they end this service.

I've just posted over 1200 loans at 5% discount.

Perhaps you, or investors you know, would  be interested in bidding on them?

Am sure there are some good loans to pick up for a significant discount.

Appreciate your help spreading the word on this; perhaps may help with the liquidity on the platform for helping others like myself get unwound from prosper before they discontinue folio.

Rhonda9080

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Re: FolioFn discontinued
« Reply #4 on: September 17, 2017, 09:23:23 PM »
This is an old thread, but having recently discovered Folio secondary market for WAY better returns on my LC notes, I am considering letting my Prosper notes run their course. The lack of liquidity is a problem and a bit scary for me as small investor. Plus, I like to play, even if its just extra peanut returns  ;D