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My first payoff

It looks like I'm getting my first loan payoff when the funds clear into my account tomorrow morning.  I logged in to Prosper one Saturday night and saw this listing and couldn't pass it up.  A B grade borrower paying a 28% lender rate with very clean numbers except for the DTI in addition to a previously fully paid loan.

I had seen at least one of his previous listings and they looked attractive to me but the $25K size disuaded me from bidding.  This one, I couldn't pass up so I bid.

Now, a little over 3 months later, I will have made $3.60 interest less fees on my $50 bid and I'm getting my principal back.  Not too bad.  I wouldn't have minded getting 28% interest on it for awhile longer but it certainly beats the alternative of defaulting.

This entry was posted on July 12th, 2007 at 02:17:33 pm and is filed under Lenders and lending.

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2 comments

Comment from: Spider5 [Member] Email
Interesting. Matt write about the risk or pre-payment here:

http://prosperlending.blogspot.com/2007/07/analysis-of-pre-payment-risk-on-prosper.html

Now you just need to find another good loan to dump the $50 back in!
07/13/07 @ 00:29
Comment from: DrKarnes [Member] Email
:-) Hooray!

(see, I told ya I would read your blog all the time.)
07/15/07 @ 21:19

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