A new loan funded (Working Capital Loan for Post Production Company — $21,000 at 18.50%). I participated via a manual bid, this was an autofunding loan. The borrow had B credit and 59% DTI. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7 years, and 2 or less public records in the last 10.
With this loan I have $4,000 in principal across 62 loans ($64.52 per loan) with an weighted average interest rate of 16.83% and an account value of $3,941.48. Each loan on average is 1.6% of my portfolio with a maximum in any one loan being 3.8%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
This is a working capital loan for an Emmy Award Winning Sound Desing studio in Los Angeles California. We have been in business for 8 and a half years and have made a profit every year. This loan is to be used for business expenses and equipment purchaes (around $2200). this quarter we will have a $16,600 Net Profit. We currently have contracts for two Direct to Video movies, Barbie 6 and Inspector Gadget. We also have two 13 episode series starting in the fall for DIC Productions. Our expected net profit for the year should be $93,000. Our gross income is $20,450 per month with overhead of $14,260 per month. The loan will most likely be paid off in two years. I own all of the equipment for the business, as well as the building. I have never defaulted on a loan.
Here is a graph of all loans on Prosper with B credit and a DTI of < 59% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 68 | $20,078.63 | 16.59% | 4.00% |
The weighted average plus 1 standard deviation is 20.59%, but still 1.91% better than the weighted average. What do you think?
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