Your guide to peer to peer lending

Free P2P Lending Webinar is on this Thursday

by Peter Renton on July 12, 2011

I mentioned this a few days ago so consider this your reminder. I will be hosting a free webinar this Thursday evening to answer some common and some not so common investor questions. Here are the details:

When: Thursday, July 14, 2011
Time: 6pm – 7pm Mountain Time
How: Gotomeeting.com Webinar

To attend this webinar you have to sign up in advance. We are about half full right now and I expect we will be completely full by Thursday. So to guarantee your spot you should register now on our signup page.

{ 10 comments… read them below or add one }

Biju Philip July 14, 2011 at 7:12 pm

Peter, thanks for the presentation – appreciate the time

CA-Lender July 14, 2011 at 7:12 pm

Peter,

Excellent Webinar….I did have one question as a follow up to your very last question – the one about the risk of the P2P company (“note servicer”) failing.

I was under the impression that both LC and Prosper have some type of “Business Continuity Plan” in the unlikely event that either company can no longer service their notes?

If they don’t have such a plan, wouldn’t it be extremely likely that another P2P lender would purchase the servicing rights in the event of LC or Prosper shutting down?

Alex

Peter Renton July 14, 2011 at 8:30 pm

@Biju, Thanks. I am glad you enjoyed it.

@CA-Lender, You are right that there are backup servicers for the notes. I should have really spent more time answering this question but it came at the very end so I wasn’t able to give a complete answer.

Both companies have in place continuity plans and I agree I think it is highly likely that someone would come in and buy the assets of one of the companies if there was ever any trouble.

But the point is that these companies are unique and there is no legal precedent in place that would give us guidance as to how a bankruptcy would unfold. I think it is very likely that there would be little or no interruption for investors but this is not a certainty. As I said in the webinar I think investors are being very well compensated for taking what amounts to only a small risk in my opinion.

James L July 15, 2011 at 7:57 am

Thanks for hosting the webinar! It was very insightful and I look forward to your next one.

Peter Renton July 15, 2011 at 8:55 am

@James, You’re welcome. Thanks for your kind words.

Glenn July 15, 2011 at 12:02 pm

Nice job Peter!

Brian B July 15, 2011 at 12:04 pm

Was it recorded, and if so, will it be available for download at some point? Maybe a podcast type version?

Peter Renton July 15, 2011 at 12:46 pm

@Glenn, Thanks. I will get back with you next week on your question.

@Brian, Yes, it was recorded. I just have to get it in a format that I can upload. I am planning on attacking that on Monday, so you should see it on the blog early next week.

Richard Crease July 16, 2011 at 9:38 am

Thanks for the useful webinar.

Could I move cash back and forth between my bank account and my cash balance in my Lending Club investor PRIME account/ standard account?

Peter Renton July 18, 2011 at 12:06 pm

@Richard, I know you can freely add money to a PRIME account but wasn’t sure about taking money out. I checked with Lending Club and as long as you email them instructions they will stop reinvesting and then you can let the cash accumulate and take it out as you wish. Then when you want to start reinvesting just send them another email with your instructions.

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