Prosper Funding LLC Approved by the SEC

[mo]

The issue here is that Lending Club already has had such a vehicle in place for its institutional investors.

I hadn't heard that before is there a place that explains the difference in LC treatment between institutional investors and smaller fish?  I also read that big investors wanted to be able to by whole loans for tax/accounting reasons does anyone know what those reasons are?

[DanB]

LC bk remote vehicle is set up through its wholly owned subsidiary LC Advisors which is the entity that is used only by its institutional investors to invest. Peter did a short piece on this sometime back.

[hippo387]

I can't be certain it's a result of Prosper Funding being approved, but I'm already seeing a significant uptick in institutional lending over the past couple days. There are still plenty of loans available for retail investors (although they are getting funded more quickly). This bodes well for Prosper.

[Peter]

Prosper has had a good start to the month, the best I can remember and it may or may not be a coincidence. I am guessing not. Although still no movement from Worth-blanket2 or MI2.

[hippo387]

Peter -- should we expect an announcement from Prosper regarding Prosper Funding LLC?  My guess is they are busy with the start of 2013 and want to act strategically when rolling this out, but I would think they'd want their retail customers to know about this soon ...

[Peter]

Look for email from Prosper in your inbox tomorrow. And there will also be a blog post about it.

[hippo387]

Thanks Peter!  Keep up the good work, and just remember that for every "NoGoodDeed" commenter who hassles you, there are many more of us who rely on your site for timely and insightful information.  It is very much appreciated!

[TRPeterson]

Thanks Peter!  Keep up the good work, and just remember that for every "NoGoodDeed" commenter who hassles you, there are many more of us who rely on your site for timely and insightful information.  It is very much appreciated!

Ditto

[berniemadeoff]

Ditto 2

Thanks for keeping us updated, Peter.

Like you, I have not lost confidence in Prosper.  I think it's a good platform and I am pleased with my returns there. But they do need to get back to a positive trajectory on loan originations, or I think a lot of people (myself included) will start to head for the exit.

[Peter]

Thanks Peter!  Keep up the good work, and just remember that for every "NoGoodDeed" commenter who hassles you, there are many more of us who rely on your site for timely and insightful information.  It is very much appreciated!

Thanks, I appreciate your kind words. I am not too bothered by NoGoodDeed and others. They come from the Prospers.org forum and have a hatred of Prosper that is truly quite staggering. They also have a vested interest in seeing Prosper fail.

[berniemadeoff]

I read through that forum last week and almost slit my wrists it was so depressing.  Oddly, most of the people there have very little to loose or gain from Prosper's supposed demise.

[TRPeterson]

I would assume most of that crew had a poor Prosper 1.0 experience... like most everyone who experienced Prosper 1.0... or have no understanding of balance in financial risks/returns and chose to invest heavily in E & HR loans even in Prosper 2.0 era thinking they'd achieve 30% ROI.

While I only put pocket change in Prosper 1.0 and lost most of it; I've learned not to view money / investments / financials using emotions as it really lends towards bad decisions.  Let equations, statistics and data trends make the decision for you.  I even did a post to practically poke fun at the money I lost in the early P2P days http://www.prospertoretire.com/88/i-lost-it-all-with-p2p-lending-but-then/

It's not like getting mad at Bank of America for charging me 12.99% on a credit card is going to net any benefit... it's just a business decision on their end and my end that either results in a transaction or doesn't result in a transaction.

[NoGoodDeed]

Thanks Peter!  Keep up the good work, and just remember that for every "NoGoodDeed" commenter who hassles you, there are many more of us who rely on your site for timely and insightful information.  It is very much appreciated!

Thanks, I appreciate your kind words. I am not too bothered by NoGoodDeed and others. They come from the Prospers.org forum and have a hatred of Prosper that is truly quite staggering. They also have a vested interest in seeing Prosper fail.

I'm of the assumption that onlookers - especially participants here -  have the wherewithal to screen out the perceived irrational vitriol at prospers.org and find merit in what remains.

[DanB]

I'm of the assumption that onlookers - especially participants here -  have the wherewithal to screen out the perceived irrational vitriol at prospers.org and find merit in what remains.
[/quote]

I'm pretty sure that could be said of almost any site on the internet. The question is who would want to go through all that silliness.

"Perceived" irrational vitriol?...........I'm guessing it's more than just a perception. More like part of the DNA over there 

[Keltset]

I'm pretty sure that could be said of almost any site on the internet. The question is who would want to go through all that silliness.

"Perceived" irrational vitriol?...........I'm guessing it's more than just a perception. More like part of the DNA over there 

LOL Just for kicks I tried to go over there to check it out and at the same time my CPU sent off an overheating alert and my comp shut down... Must be a sign...