After some initial flirting with manual bidding I have moved exclusively to standing orders for all my prosper loans. As I am now in a reinvestment period and will only be requiring 1-3 new loans per month I have decided to tighten up my interest rates.
I have 20 standing orders with the exact same extended credit requirements, broken down exclusively into…
10 for low loan amount requests: $14,999 or less
10 for high loan amount requests: $15,000 or higher
Each of those 10 broken down exclusively into…
5 standing orders for auto funding
5 standing orders for non auto funding
Each of those 5 broken down nonexclusively into…
Low DTI (less than 15%)
Mid DTI (less than 25%)
High DTI (less than 40%)
Extreme DTI (less than 60%)
I can end up with at most $250 in a single loan. For that to happen a Low DTI borrower will need to offer an ANY DTI interest rate.
For the time being I will be keeping my interest rates under wraps, but let’s just say they are pretty tight. In most cases the maximum amount is between the weighted average and the weighted average plus one standard deviation. With my extended credit requirements I don’t expect to find very many loans, but I only need 1-3 per month. I will be watching carefully to make sure I continue to find a large diversity of credit grades.
My goal is to find loans that continue to create diversity in my portfolio, match my risk tolerance, and pay extraordinary rates.
What do you think?
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