A new loan funded (Ethanol Plant — $25,000 at 24%). I participated via a manual bid, this was an auto funding loan. The borrow had C credit and 85% 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 $4,100 in principal across 64 loans ($64.06 per loan) with an weighted average interest rate of 17.01% and an account value of $3,953.37. 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:
We have fully funded a small ethanol plant. It will produce a little over 150,000 gallons of ethanol per year. We have a chance to pay a little bit of money to double that amount. The building and finish product tank and the most expensive portion of the infrastructure exists now. While we were going through the process, the owner of the building started asking me if I could use the other side of the building and we looked into what the firemarshall’s requirments would be and we found out we could in fact put in another still to produce another 150,000 gallons per year. I have investors who are going to come up with some money and I would like to get some from Prosper as well. I have buyers lined up to purchase the product and I have access to molasses which is what I will ferment. The only issue now is to come up with money to double our production potential. I do not feel like we absolutely have to get this second still because we will be making great money with the first one, but this is a good opportunity that I really want to happen. Thank you for your interest.
Here is a graph of all loans on Prosper with C credit and a DTI of < 85% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 66 | $20,382.41 | 19.09% | 3.59% |
The weighted average plus 1 standard deviation is 22.67%. The weighted average plus 2 standard deviations is 26.26%. This loan is between 1 and 2 sigmas higher than the mean.
What do you think?
Related Posts -
New Loan Funded — home renovations — $25,000 at 19.5% — B Credit — DTI 46% A new loan funded (home renovations â $25,000 at 19.5%). I participated via a a manual bid the loan was NonAutofunding. The borrower had B credit and 46% DTI. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last...... -
New Loan Funded — Finance for an ESTABLISHED Business — $25,000 at 24% — B Credit — DTI 1392557% A new loan funded (Finance for an ESTABLISHED Business â $25,000 at 24%). I participated via a manual bid the loan was Autofunding. The borrower had B credit and a 1392557% DTI (unverifiable income). As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies...... -
New Loan Funded — At wit's END — $15,000 at 18.5% — B Credit — DTI 72% A new loan funded (At witâs END â $15,000 at 18.5%). I participated via a manual bid the loan was Autofunding. The borrower had B credit, a 72% DTI, and is a homeowner. As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in...... -
New Loan Funded — Working Capital Loan for Post Production Company — $21,000 at 18.50% — B Credit — DTI 59% A new loan funded (Working Capital Loan for Post Production Company â $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...... -
Why Would a Borrower Join a Group? (Prosper Group Analysis Part 1) Seems to me that there are 2 good reasons for a borrower to join a group: better funding percentage and/or reduced interest rate. I think that there may be other reason, but they fall into the category of what is your favorite pro team or your favorite color. That is......
Related Websites - Basics of Systemic Investment Plan Systemic Investment Plan commonly known as SIP is the option to invest in mutual funds. This article is all about What is SIP and advantages of SIP.What is SIP?Well, SIP means you agree to invest certain amount of money in mutual funds at particular time interval say for example,......
-
Introduction To Peer-To-Peer Lending: Signing Up To Use Lending Club If you're thinking of signing up for a Lending Club account, please check out the referral code and affiliate link at the bottom to get a $25 cash bonus if you sign up using our referral link! Peer to peer lending has been a hot topic on personal finance blogs...... - Why I Love Payday Loans This isn't going to be some post about why I think payday loans are a great investment. I've never gotten a payday loan myself, so I'm not talking about my personal user experience either. I'm not even going to discuss whether payday loans are good or bad. What I'm talking......
-
Weaky #6: Wiggum or Cioffi? At indeterminate times The Weakonomist will award people, companies, or groups with a Weaky. Its our version of the Darwin Awards for those that make bad moves with money. Sadly, most of these people will live to make more mistakes another day. You know... awarding a Weaky to someone...... - Roth IRA: To Convert or Not to Convert In 2010, anybody will be able to convert funds from a traditional IRA to a Roth IRA, since the $100,000 MAGI (modified adjusted gross income) restriction is eliminated. Given the opportunity, the question is whether is it makes financial sense to do a conversion or not. In most cases, I......
- Current Year, Next Year Calendars Paper Collectibles
- New Year Holiday, Seasonal Collectibles
- Chevron Standard Oil Gas Oil Companies Gas Oil Advertising Collectibles
- New Year Holidays Postcards Collectibles
- Credit, Charge Cards Trading Cards Collectibles
Categories:
Loan Review, Prosper.com
Tags:
2 comments ↓
You rely a lot on DTI – Is DTI a good predictor of default? For the last year, 100 days, or what? Also, what about very high DTI’s (eg >1000%, usually means the person hasnt been able to verify income) — are they safer than DTIs around 80-100%?
Refinance Your Home Mortgage: How to Avoid 5 Costly Mistakes…
Warning: Do Not Refinance Your Home Until You Read This Report! Mistake #1 — Refinancing only to obtain a lower interest rate So why are you refinancing your mortgage loan? Are you trying to save money through a lower monthly payment? Are you tryi…
Leave a Comment