Introducing SMAP – Secondary Market Alternate Portal

The SMAP (Secondary Market Alternate Portal) allows investors to see Lending Club notes from FolioFn in a new light. The Folio platform as-is, is not very useful. It’s slow, and does not have many search options. Anyone who has used it for more than a few minutes quickly sees it’s not a very useful platform to search for notes.

It’s my hope this tool helps investors selling notes at a logical price sell quicker, and helps investors trying to buy loans filter out the cruft (read -10,000% YTM)!

Since all of the existing loan data is already on the Nickel Steamroller platform if you would like additional search fields, such as loan purpose or state, feel free to contact me, as they can be added with relative ease.

For investors that are restricted to the Folio platform for buying notes this should be quite neat way to find notes faster!

There are still a few issues to work out. When I originally developed this software a couples months back I had figured out how to craft the buy links so that you could click the link and directly buy it. Since that time Folio has changed their code to store notes you plan to buy in some back-end storage and then retrieve them when you wish to complete the purchase. I have not yet found a work around.  There is also no way to automate the import so I will have to do it manually every few days. I’m quite sure there is no clean work around for this.

It’s my hope that I do not have any requests to remove this feature from the Web site as I feel it will greatly facilitate investors.  If anything I hope this goes to show investors are crying out for a better secondary platform. Please contact me or use the comments section to suggest improvements. Thanks!

You can check out this new feature at: http://www.nickelsteamroller.com/invest/market

Michael

10 thoughts on “Introducing SMAP – Secondary Market Alternate Portal

  1. Thank you! This is extremely handy, and so much better than that dog of a search engine they use on FolioFN. I guess I need to go list my two bad loans on the sales platform, now that someone actually has a chance to find them!

    1. GHarkness,
      I’m glad you see the value. My hope is this dramatically decreases the time notes that are priced reasonably have to stay on the market – and if you discount they should be vaporized! I will update the listings again tonight so your note should be on this list. If there are any improvements or fields you would like please let me know. Thanks.

    1. Emery, I’ve been using your tool for quite some time now, but I’ve found that when I markup at 2%, all my notes sell immediately, but at 3% they hardly sell at all.  Were there any plans to modify your script to include  smaller increments for the increase?

      If not, I’m still a big fan of the work and will continue to use it.  

    1. I didn’t have to take it down. Lending Club was actually pretty supportive of it. The issue is integrating with FolioFN to get the data. It was a manual process that relied on hacks to get the information out of the system. I wish I could automate this, it would be a great resource and also help reduce abuses from the 20% markup crowds.

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