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?
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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%?
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