Entries from May 2008 ↓
May 9th, 2008 — SEO, Site Review, Site Statistics
I think I may have finally overcome my donut problem… With this theme I am trying to have a quality look to my website. I hope you find the result an improvement. Like or hate it? Leave a comment.
In addition, I would like to thank the top 10 referrers to RateLadder over the last 30 days in order of referrals sent…
- Peer to Peer Lending Blogs — P2P No Bank
- Prosper Blog
- Prospers.org
- Lazy Man and Money
- Net Banker
- Personal Loan Portfolio
- Deep Market
- Prosper Lending Review
- Psychohistory
- Free Money Finance
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May 5th, 2008 — Collections, News, Prosper.com
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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May 5th, 2008 — News, Prosper.com
Catherine Muriel announced on the Prosper Blog that Prosper is going to be running some TV Spots.
I think the ads are well done… I would like to be able to embedd them in my blog, but other than that I think they are kinda cool…
You can tell that these ads were done by Prosper as opposed to the Lending Club video ads which were done by internet citizens…
I wonder what kind of responce they will get on TV?
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May 2nd, 2008 — Groups, Listing Review, Prosper.com, Strategy, Tools
Any regular reader will know that last week I brought my first group listing to the marketplace. (As an aside, a group leader is no longer paid for successful listings and the haven’t been since September 13, 2007: Email To Group Leaders After Recent Changes. I think this was a good change and said so at the time and continue to say so now.)
While I certainly helped to the best of my ability and resources, the borrower did an excellent job of leveraging his social capital…
What social capital?
- He made it know that he had a job that supplemented his income. For him that amounted to as much as an extra $900 a month. By putting his blog on the listing he was not only putting his anonymous credit information and verifiable income on display, but leveraging his online assets. By adding the reputation of his blog to the listing, I think he added to the quality of listing immeasurably. Any blogger with any significant track record that puts their blog reputation at risk is serious about the reasons behind the loan and paying off the loan. (His blog is Deep Market.)
- He leveraged his interactions with me — a long time lender and p2p blogger. By joining my group and becoming Prosper friends and accepting my endorsement on his listing he was able leverage his interactions with me (email and blog comments for around a year) into additional social capital: my endorsement.
- Additionally, he used his blog to advertise his listing: Prosper Loan Listing Review. By offering links and reviews in exchange for bids and reviews he was offering a non monetary but valuable asset in exchange for buzz and bids.
What was the net result? A $25,000 loan at an interest rate he is very happy with 18.5%… His loan was bid down almost 7% from his starting point of 25.45%.
Deep Market, Congratulations and good luck… please keep us up to date with your progress.
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May 1st, 2008 — Goals, Prosper.com, Statistics, Strategy, Tools
Well another month down… Nothing major happened that would effect my IRR/ROI (like a debt sale.) It was a fairly uneventful month for my Prosper p2p lending account, but it was a good month… My ROI/IRR is higher on 4/5 of my tracking indices (it will be 5/6 when the statements are available and I update Quicken.) And my EricsCC ROI is within 4 basis points of last month’s value.
When going through my late loans this morning to build these statistics I noticed 2 things. One it is now very easy to tell which loans are in bankruptcy vs which loans are in collections. (3 of my 29 1+ late or worse loans are in bankruptcy.) The second is a more positive development many (more than I have ever seen before) of my late loans have collections payment pending. In fact, 1 of my 4+ month late loans has a collection payment pending, 3 out of 7 of my 2 month late loans have a payment, and 2 out of 3 of my 1 month late loans have a payment. Maybe things are looking up in the collections area? Time will tell.
Anyway, here is a chart of my updated IRR and ROI values…
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