LC have had NO Write Offs to date :)
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That particular loan was on for nearly an hour. Plenty for anyone who wanted :) $100k business loan with personal guarantee's over property and vehicles.
Impressive record! At this stage I'm investing in all A2-B2. Built up to nearly 50 loans over a couple of months. Hopefully can get it up near my HM over the coming 12 months. Also finally managed to get a note @ 9% invested on SM
My 2nd lending crowd loan ever has just gone into collection, I suspected it was comming - It was sitting at 90days in arrears
Id Grade Type Term Rate* Principal Opened Principal received Interest received** Collection end date*** LN000-014-222 B1 Personal 36 months 13.97% $50.00 04/07/2016 $27.54 $9.06 04/03/2019
Does any one have a record what type of security was on this? - as as soon as the loan is filled there does not seem to be anyway to see this
Attachment 9891
I don't have any security details - but all things considered, if it's a complete loss, it's not a complete disaster...$27.54 + $9.06 means that you got $36.60 back. For tax purposes, you write-off the O/S principal of $22.46 and this effectively commutes the $9.06 to capital received rather than taxable interest. The remaining $13.40 is set off against your other taxable interest meaning the capital loss is $11.05 (assuming 17.5% tax rate) but (the downside is) you will have received no interest on the loan. To date, I believe that there have been no principal write-offs by LC so it all might end well yet.
LENDING CROWD'S FIRST WRITE-OFF???
Just had a write-off with LC. B2 loan @ 18.74% opened 14/09/17.
My investment = $100, principal owing was $89.26.
Interest received = $6.77
Recovery = $73.43 less collection costs of $15.22 = NET RECOVERY $58.21
WRITE OFF = $31.05.
Anyone else on the forum in this one?
Yes, my first loss from my Lending Crowd investments. Can't really complain. Recovery amounts with Harmoney tend to be much closer to zero.
Had a good few weeks there where if I logged in as soon as a loan came up, I would get a piece. The last week seems to have gone back to the bad old days, where the loan is already gone, even if I log in the second the email arrives. Are people using bots again?
I managed to get in 1 x B2 today by logging in straight away, but the other one was already 92% full by the time I got there, despite responding almost immediately, and my $50 effort was thwarted due to not enough funds remaining on the loan.
I can't see that Lending Crowd really cares that much whether bots are involved or not; it just needs to fill the loans. Both those B2 loans were less than $4k and they do go really quickly.
Yeah I missed out today too - I think it was because all the loans were so small. I assume that the emails go out in series so some investors will receive it before others. Also it may depend on how fast your email server transmits the email to you. Additionally as some punters put $500 - $1000 or more into a loan it only takes three to eight bids before it is filled.
My lending crowd NAR for my current/larger account has been above my harmoney RAR since June now (only just) and I have just reached 120 active loans combined so I thought I would do some number crunching
NAR 14.80% - Larger current account - Average active loan age = 190 days
NAR 15.17% - winding down account - Average active loan age = 381 days
Combined figures
All loans
Average interest rate All loans 15.72%
Weighted average interest rate 15.70%
Average Loan Age 293 days
Open Loans
Average interest rate 15.82%
Weighted average interest rate 15.63%
Average Loan Age 303 days
Closed loans
Average interest rate 15.60%
Weighted average interest rate 15.85%
Average Loan Age 282 days
60 Months
Average interest rate 15.81%
Weighted average interest rate 15.77%
Average Loan Age 287 days
36 Months
Average interest rate 15.58%
Weighted average interest rate 15.62%
Average Loan Age 301 days
Just received this, this is the 1st one I have lost principal on
Loan note LN000-014-222 has been written off. The disbursement amounts from collection were:
The principal balance on LN000-014-222 was $22.46 meaning there has been a $10.96 principal write off to your account.
Principal: $11.50 Collection costs: ($6.02)
The write off of a loan is never a good thing but is an occasional and unavoidable part of lending money. We hope that your Lending Crowd investment portfolio has not been unduly affected by this write off.
Regards,
The Lending Crowd Team