A new loan funded (Clearing a personal credit card used for business purchases — $9,500 at 18%). I participated via an automatic bid Low AMT — Extreme DTI — Autofunding. Which means this funded at less than 15K less than 60% DTI and was autofunding. The borrower had A 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 7 years, and 2 or less public records in the last 10.
With this loan I have $4,150 in principal across 65 loans ($63.85 per loan) with an weighted average interest rate of 17.03% and an account value of $3,962.23. 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:
I am now the owner of my family’s 30 year old promotional products distributorship. I am making this loan to pay off a personal credit card I used to purchase products for my business. The credit card is for my husband and me. I want to keep my business debt seperate from my husband’s. I would like to borrow the money and pay it off over time so that I don’t have to put a squeeze on my cash available to run my business. I only listed my income from my part time job. My husband’s income takes care of all of our household expenses and our auto and house loans. I did not include my net income from my business because I have not prepared my 2006 income tax return yet. I estimate my 2006 net income for my business to be about $18,000.
I am very impressed with this business community and hope to be able to participate as a lender in the future.
Here is a graph of all loans on Prosper with A credit and a DTI of < 46% and Loan Amount $9,500 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 117 | $7,669.97 | 10.44% | 1.83% |
The weighted average plus 1 standard deviation is 12.27%. The weighted average plus 2 standard deviations is 14.1%. The weighted average plus 3 standard deviations is 15.93%. The weighted average plus 4 standard deviations is 17.76%. The weighted average plus 5 standard deviations is 19.59%. This loan is between 4 and 5 sigmas higher than the mean. Holy shnikes! A statistical aberration. I LOVE standing orders!
Oh yeah. And they are a homeowner.
What do you think?
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2 comments ↓
What is the source of that graph? thanks
The data comes from Prosper via their nightly data dump. I wrote a Crystal Report to produce the graph from the data.
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