Lending Club IPO

[CTSoxFan]

3 hours ago, cv91915 said:

Somehow I missed this rather major news about Lending Club:

 

Effective December 31, 2020, LendingClub will retire the Notes platform.  

 

It looks like the Radius Bank merger was necessary to survive, and was part of a larger strategy to completely change/abandon the original LC business model.

 

I stopped buying notes a few years ago, and I should receive the last scheduled payment on the final note in my portfolio no later than July 2021.  

 

 

 

 

I assume that 5.81% return accounts for the 133 charged off loans?  If so, that isn't awful but certainly sub-optimal given the risk level.

[cv91915]

2 hours ago, CTSoxFan said:

I assume that 5.81% return accounts for the 133 charged off loans?  If so, that isn't awful but certainly sub-optimal given the risk level.

Yes, the return is adjusted to include losses on the charge-offs.  

 

As you can see I wasn't betting our retirement security here, and while not comparable to the risk profile or liquidity of a savings account, that's where the money would have otherwise been sitting (or maybe a CD).  

 

On balance, I don't regret this at all, although it did take a lot of time picking out the notes (I was never comfortable relying on their bots to make selections for me).

[cv91915]

Just a handful of open notes remain...

 

 

[cv91915]

I'm down to 3 notes outstanding.

 

 

[CTSoxFan]

4 hours ago, cv91915 said:

I'm down to 3 notes outstanding.

 

 

 

man if those last 3 notes default your return is going down the tubes 

[cv91915]

4 hours ago, CTSoxFan said:

 

man if those last 3 notes default your return is going down the tubes 

 

That's almost four mortgage payments!

[cv91915]

 

[cv91915]

 

[cv91915]

After ~10 years my original $3,750 investment is currently worth

 

 

[cv91915]

On the surface you might look at an 81% drop as disappointing.

 

For perspective, though, that's well under 10% a year on average.

 

 

Edited April 2 by cv91915

[brainchasm]

Don't feel too bad...my $3000 in a nickel weed stock did some reverse-splitting, other dumb stuff, somehow is still a going concern, is paying off debt, and acquiring other entities...but my wad is now worth $1.50.

And no, the decimal is not in the wrong place.

 

[8ball]

19 hours ago, brainchasm said:

Don't feel too bad...my $3000 in a nickel weed stock did some reverse-splitting, other dumb stuff, somehow is still a going concern, is paying off debt, and acquiring other entities...but my wad is now worth $1.50.

And no, the decimal is not in the wrong place.

 

My great foray into penny weed stocks, INAR, went bankrupt. I haven't had Schwab remove it yet so my statements just show N/A for all values. 🤢

[hegemony]

we have six figures of carry forward losses. that's what happens when you're old. 

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