Toukshare, be prepared for a higher rate of defaults as you build your portfolio - typically you feel the effects from 9 months to 15 months (depending on the speed of investing). As you build your portfolio the number of loans invested in is high, as is the number of defaults after the initial 'grace' period. Once you have the bulk of your $'s invested and move into replacement of paid/re-written loans, the number of loans you invest in reduces, as does the overall defaults. Have a look at some of the previously posted RAR curves and you'll see the typical peak that drops down to a relatively steady RAR - something to be prepared for.