LC have had NO Write Offs to date :)
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That particular loan was on for nearly an hour. Plenty for anyone who wanted :) $100k business loan with personal guarantee's over property and vehicles.
Impressive record! At this stage I'm investing in all A2-B2. Built up to nearly 50 loans over a couple of months. Hopefully can get it up near my HM over the coming 12 months. Also finally managed to get a note @ 9% invested on SM
My 2nd lending crowd loan ever has just gone into collection, I suspected it was comming - It was sitting at 90days in arrears
Id Grade Type Term Rate* Principal Opened Principal received Interest received** Collection end date*** LN000-014-222 B1 Personal 36 months 13.97% $50.00 04/07/2016 $27.54 $9.06 04/03/2019
Does any one have a record what type of security was on this? - as as soon as the loan is filled there does not seem to be anyway to see this
Attachment 9891
I don't have any security details - but all things considered, if it's a complete loss, it's not a complete disaster...$27.54 + $9.06 means that you got $36.60 back. For tax purposes, you write-off the O/S principal of $22.46 and this effectively commutes the $9.06 to capital received rather than taxable interest. The remaining $13.40 is set off against your other taxable interest meaning the capital loss is $11.05 (assuming 17.5% tax rate) but (the downside is) you will have received no interest on the loan. To date, I believe that there have been no principal write-offs by LC so it all might end well yet.
LENDING CROWD'S FIRST WRITE-OFF???
Just had a write-off with LC. B2 loan @ 18.74% opened 14/09/17.
My investment = $100, principal owing was $89.26.
Interest received = $6.77
Recovery = $73.43 less collection costs of $15.22 = NET RECOVERY $58.21
WRITE OFF = $31.05.
Anyone else on the forum in this one?
Yes, my first loss from my Lending Crowd investments. Can't really complain. Recovery amounts with Harmoney tend to be much closer to zero.