A new loan funded (Removing Remaining Debt – $25,000 at 22%). I participated via my standing orders High Amt (>=15K) Low DTI (<15%) AF (Autofunding), High Amt (>=15K) Mid DTI (<25%) AF (Autofunding), High Amt (>=15K) High DTI (<40%) AF (Autofunding), and High Amt (>=15K) Extreme DTI (<70%) AF (Autofunding). The borrower had AA credit, a 15% 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 the last 7 years, and 2 or less public records in the last 10.
With this loan I have $5,497.15 in principal across 85 loans ($64.67 per loan) with an weighted average interest rate of 17.77% and an account value of $5,498.64. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.6%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
Purpose of loan:
I have a very high interest card that I want to pay-down as soon as possible.
My financial situation:
My credit is excellent and income is decent , but would like to remove this debt from my balance sheet. I am waiting for funds in the next few months, but would like to remove the debt prior to being paid to avoid the higher interest.
My monthly
budget:
Mortgage/rent: $5,000
Insurance: $1500
Car expenses: $0 business pays
Utilities: $250
Phone, cable, internet: $250
Food, entertainment: $500
Clothing, household expenses $500
Credit cards and other loan payments: $2500
Other expenses: $500
—————————————
Total monthly expenses: $11,000
My income is over $20,000 per-month
Here is a graph of all loans on Prosper with AA credit and a DTI of < 15% and Loan Amount $20,000 +/-$5,000 funded in the last 100 days:
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 59 | $20,879.66 | 10.78% | 1.9% |
The weighted average plus 1 sigma is 12.68%. The weighted average plus 2 sigma is 14.58%. The weighted average plus 3 sigma is 16.48%. The weighted average plus 4 sigma is 18.38%. The weighted average plus 5 sigma is 20.28%. The weighted average plus 6 sigma is 22.18%. This loan is between 5 and 6 sigma higher than the mean. I statistical aberration. I love standing orders.
What do you think?
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5 comments ↓
Well, since you asked …
I think this person doesn’t know how to handle money. I think that makes them exceedingly risky, regardless of what they’re willing to pay for the loan and their credit risk.
1. They’ve got a AA credit profile and take a 22% auto-funded loan. This is either desperate or not financially smart.
2. They’re 170k in debt, claiming net cash of 9k / month, and this 25k @ 22% loan is going to help them out? That doesn’t make sense on it’s face.
3. Their job title is Realtor. This does not provide a consistent salary and is dependent on the market continuing. The news in the real estate market isn’t looking so hot, so I’d expect their income to be down this year over whatever docs they give to Prosper to verify loans.
4. From the question asked, it looks like they need a bridge loan to pay off another loan until a commission comes in. Taking loans to pay off loans is another risky behavior. This possibility answers #2 above, but would make me more uncomfortable, not less.
I hope I’m wrong…
Happy Lending,
Mike
Valid… I turned on 2 RL overlooked SO based on amount this morning full speed. I think this should put me into mostly NAF loans… Going to try for the month of May.
I hope this one stays current.
From what I can see… it appears that now the loan is a month late…. Lot of good 22% is….
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