Prosper Group RateLadder Update

Prosper Group RateLadder.

I would to thank the members of my group for their support… As I could have guessed most of my readers and friends are lenders… The Prosper group is now 12 strong…
I correspond with many of them regularly. I have gotten a lot of ideas for this blog, ProProsper, and Prosper in general from my core group of readers.

To me a Prosper Group is fundamentally about getting listings funded. To that end a strong lender core is key, but the very first requirement is that you have listings to get funded. If the Lister was able to get funded on there own they would do it without a group. A group can provide a borrower with a mentor and helping hand through the process.

Anybody out there interested in a obtaining a loan from Prosper? If you are you might consider joining my group. We are dedicated to helping borrowers climb down the rateladder. If you would like an invitation to join my group and/or Prosper please send an email to kevin (at) proprosper [dot] com.

No Comments | May 31, 2007 | Filed Under Groups, Prosper.com | Leave a Comment

2 New RSS Feeds: LazyMan24H and LazyManAutofund

I have to admit I have been extremely lazy. The LazyMan published his queries back on March 23rd. I immediately thought they would make great RSS feeds. I even promised him that I would create them…

Tick tock tick tock tick tock…

Today I finally came through on my promise… These RSS feeds are based directly on the LazyMan’s queries… You can read his original post here: Revealing the Keys to Prosper Success.

These queries are looking for 2 different types of listings.

The 24 hour feed is looking for listings closing in the next 24 hours with high interest rates relative to similar loans.

Here is the 24 hour feed republished:

The autofund feed is looking for autofund listings with high interest rates relative to similar loans.

Here is the Autofund feed republished:

No Comments | May 23, 2007 | Filed Under Prosper.com, Tools | Leave a Comment

Homeowners RSS Feed Update — Greater than 3.5MM Current or Paid Listings

I started my RSS feeds on March 18th… I thought I would check in on another(Homeowners Rate Greater than Weighted Average)…

There have been 728 listings profiled, requesting to borrower $8,921,364 or $12,255 per loan on average.

Here is the listing status break down…

Status	Total Amount	Number	Per Loan
Cancelled	$737,076	49	$15,042
Pending Verification	$488,677	34	$14,373
Expired	$1,520,210	132	$11,517
Completed	$3,542,370	312	$11,354
Active	$1,049,089	84	$12,489
Withdrawn	$1,583,942	117	$13,538

And here is the Current Loan Status for Completed Listings…

Status	Total Amount	Number	Per Loan
Paid	$28,000	2	$14,000
Current	$3,514,370	310	$11,337

I think this shows a couple of things… One, Prosper is performing some verification (cancelled listings). Two, homeowner listings are performing admirably thus far. Three, Lenders are leaving a bunch of very fundable loans on the table every day… (at least $25K per day from this RSS feed.)

No Comments | May 21, 2007 | Filed Under Features, Prosper.com | Leave a Comment

New Lender Feature — Rapid Transfers

I received an email from Prosper today detailing a new feature and inviting me into the beta: Rapid Transfers

Dear Kevin,

Prosper is testing a new service called “Rapid Transfer” for established customers. We’d like to invite you to participate.

If you initiate a transfer of more than $500 before Noon PST Friday May 18th, we will approve your transfer within fifteen minutes and you will be able to begin bidding immediately. Please note the transfer page may show the status as in-process for a couple of days even after the money has been approved.

This is a great time on Prosper as there are plenty of excellent high-quality listings.

Get started with Rapid Transfer now » (link to promo that says you clicked the link removed)

Rapid transfer is one of the most requested features on the forums and your response will help us gauge interest and determine whether to extend this program.

Thank you for all your support and we look forward to your continued participation in Prosper.

Sincerely,

John Witchel
CTO & Co-Founder
Prosper Marketplace

I tried it. It worked. Sweet!!! I love this feature… While the amount is slightly high by my standards if there is ever a listing that I NEED to bid on, now I can.

I think this feature should be made permanent and for all amounts greater than $50 for all lenders with loan balances 10 times greater than the transfer amount. In other words, you need a $500 loan portfolio to make a $50 rapid transfer or a $5,000 loan portfolio to make a $500 rapid transfer.

Furthermore, even if you didn’t receive the email you can still participate. John Witchel posted the following in a thread on the forums(http://forums.prosper.com/index.php?showtopic=25561)…

Quick note:

A couple of you didn’t get the invite (Gulp, etc.) — don’t take it personally. We had a query prepared to select “seasoned lenders” and randomly picked a thousand names. If you want in just initiate the transfer and email Bryan at (lenders at prosper dot com) he’ll make sure your money clears when he gets in.

Anyway, we really appreciate the support, so far so good on the test.

-john

I originally called for this feature in one of my earliest posts: http://www.rateladder.com/2006/12/27/prosercom-the-one-bad-thing/

Can interest be far behind? http://www.rateladder.com/2007/02/04/prospercom-lenders-unite-where-is-our-interest/

No Comments | May 17, 2007 | Filed Under Features, Prosper.com | Leave a Comment