Liquidating Lending Club Account (cont...)

[TheAnonOne]

Hello!

I am posting this to inform the group on my process of liquidating my lending-club portfolio. I had around $42k in the account and around $37k was what I originally invested back in 13'/14'

Over the past year or so I have been trying to push my portfolio closer to 100% stocks and clearly LC doesn't fit the bill. (I don't mind holding some LC notes, but around that 10k-20k zone is better for me...)


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Notes have a certain unseen value, determined by a large amount of math and probability statistics. Some of your notes might be worth 10% MORE than you have invested in them, some might be worth 10% LESS than you have invested.

Rather than figure out the math, an easier approach is to just list everything at a high sell rate, and people's automated systems will generally pick off your best notes for the highest markups. I am following this methodology, and slowly lowering my markup.
Progress...

3/1->  42k - listed entire portfolio at 10% markup
3/7->  40k - Relisting any unsold notes at 5%
3/14->39k- Relisting at 4%
3/21->37k- Relisting at 3%
3/27->36k- Relisting at 3%

At the end of March I have already sold $8,000(abouts) all at a 3-10% markup. The sales are slowing down a bit, so I am over-time lowering my asking price.

4/4  ->35k- Relisting at 2%
4/11->34k- Relisting at 1%
4/18->29k- Relisting at 1%  -Huge amount sold! (almost down to my <20k mark)

***NOTE: There is a 1% fee on the secondary market... so a 1% markup is really like "even money"

[MustacheAndaHalf]

Summarizing...
- about $2k sold at 10% markup (15% of total sold)
- another $6k between 2% - 5%  (46% of total sold)
- and $5k so far at 1% (38% of total sold)

That's interesting to me because I remember it was hard to sell any notes at a premium on the FolioFn secondary market for Lending Club notes.

[TheAnonOne]

Summarizing...
- about $2k sold at 10% markup (15% of total sold)
- another $6k between 2% - 5%  (46% of total sold)
- and $5k so far at 1% (38% of total sold)

That's interesting to me because I remember it was hard to sell any notes at a premium on the FolioFn secondary market for Lending Club notes.

Yea, thanks for that. I probably could have sold for more, if I had a longer-timeline. I think the market for mark-ups is smaller and runs dry pretty quick. AKA-listing for 5-10 percent over the course of months and months.