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This will likely be the first loan I double my bidding increment on. I perceive that it has great potential as a low risk-high reward "Prosper.com" listing.
Loan Listing 28339
My reservations are:
(1) The person requesting the loan has had 10 credit inquiries in the last 6 months.
(2) The person owns California real estate.
(3) The person owns California real estate AND has negative business cash flow YET appears very confident that he'll reach positive cash flow within next 90 days.... Intriguing, perhaps crazy still.
Here's my bidding strategy:
200% of normal bid increment down to 23.25% lender rate
175% of normal bid increment between 23.25 and 21.25% lender rate
150% of normal bid increment between 21.25 and 19.25% lender rate
**normal bid increment on anything else.
So far, I have made 44 loans w/ an average rate of 20%. None of the loans are late in payments. Here's a reasonably close breakdown of my loan portfolio.
My loan portfolio
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1 comment:
You have done 44 loans with an average rate of 20% and none of the loans are late? Sounds like Prosper is working well for you. I am bumping into a lot of blog posts about Prosper, most that have used it like the site and process. It seems like a great way to earn high interest on your money as long as those requesting pay you back. I will be taking a look at the site.
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