Final tally of note sale

 My last update was Friday evening and the number of notes sold was 58 out of the 120 offered. The discount rate had been increased to 2%. I decided not to change this discount and let the sale run its course. When you offer a note for sale on FOLIOfn, the offer is only good for a period (10 days I believe). Only 1 more note sold over the next 6 days. Clearly notes sell when first offered or when the discount is changed.

The final tally for the 120 notes; 59 sold, 27 had the offer expire, 32 were cancelled because they entered a payment period, and 2 went into default. For the 59 sold I received 91.8% of their outstanding principle. A loss of $31.49. I also lost future interest. But these losses could easily be offset by future charge offs.

I’ve learned quite a bit from this sales experience. I still have 61 live notes expiring in 2021. I’ll offer these again in about a week.

Meanwhile, I’ll turn my attention back to the test cases. I’m still 2 short of my goal for those purchased based on Zip-Grade. I check 4 times a day to see if any of the new notes meet my criteria. I seem to find about 2 a week.

I will produce my first report in the middle of next week. Follow me on Twitter @billlanke the be notified when this occurs.