Prosper Debt Sale Offer Roughly 0.93%-4.83%

On Friday, Doug Fuller gave an update on the debt sale.

Synopsis:  Prosper put the bid file on an auction site, 8 bids received, all the bids were very disappointing, Prosper has not accepted a bid yet, and is exploring options for getting a better deal.

When asked how disappointing Doug Fuller further responded via comment…

In round numbers, the bids that we received were approximately 1/3 the prices bid in December. The price difference between the August and December represented about a 20% reduction.

Ok so then the next question is how bad is that?

Looking at the December results we see that the range of bids was from 2.8%-14.5%.  Extrapolating, that would mean the current bids where roughly 0.93%-4.83%…  I would say that is pretty disappointing…  (I received a little over 25% from my 1st loan in a debt sale.)

I am willing to let Doug Fuller find other options…  3 cents on the dollar sucks. 

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1 comment so far ↓
#1 Debt Sale Off — Prosper to Apply Post Charge Off Collection Techniques | P2P Lending, Peer to Peer Lending, People to People Lending | News, Information, Borrowing and Lending Strategy on 06.02.08 at 3:51 am

[...] The reason given for the cancellation of the sale is that highest bid without “unacceptable contract conditions” was only 1.5%, as opposed to the roughly 3 cents originally estimated. [...]

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