[Jess]

Does anyone know if Lending Club was hacked and borrowers data was stolen? Is this true?

[WestCoastFunding]

Oh ****. Not sure they can afford another scandal.

[Jess]

If true, I agree.

[Karen37a]

I didnt see anything nor did they disclose ( but they have so many days to do it)


I saw someone say they were taking money out of Lc so IF they do get hacked...but that was it.

If you are more in the inside...it would be news to me as well

[Karen37a]

They think the breach from equifax will lead to someone getting $$ from lc and its smaller peoples money so they are panicking




** this may not be 100% accurate, I am speculating

[Jess]

2 million share block trade AH yest. No they haven't disclosed anything. I don't know if true.

[Karen37a]

im going to call Happy...he can see it

[Nikkiclean06]

The Email I got was that there server went down and that it will be a few days until it will be back up

Got an email Monday that there back and running. Then I got an email talking about how i havent submitted any deals lately hahhahah which was false. Then got an email from My rep talking about please disregard the last email your doing a great Job

There process and ISO support sucks IMO <

[Jess]

It's not news that LC has lousy processes. It is news if they have been hacked. We all learned that Sofi's "technology" was a hodge podge of excel spreadsheets.

[Karen37a]

He said ...he had no idea

there was a offer of ieg holdings and they said they bailed on a misleading offer or maybe someone just left the company ...who knows"

" maybe someone went in on the front on inside info and is bailing too"

[Jess]

Well, then again I guess Third Point and Silverlake knew that Sofi was run on excel. Scary!

[Karen37a]

https://www.crowdfundinsider.com/201...-tender-offer/

[Jess]

The IEG offer was nonsense. IEG did the same with Springkeaf/One Main. The LC volume was 3x normal yest.

[Karen37a]

These companies are a mess. Institutional investors and wall st thought they were the darling of the alt lending / funding space.


They make it hard for people to raise capital

[Karen37a]

ps you know too much to be a mca broker you are vc / hfm


pm me in a month or so, we can chat about moving money into mca ...non ponzi

( if you want to )

Im off

[Jess]

They are desperate for yield. Ignored equity risk. Look at the risk Bizfi's lenders are taking with collections. Why didn't they just let a servicing company take over portfolio? If credibly and Bizfi have mcas with the same merchant the merchant defaults. Who is credibly negotiating for? Hate to be an LP of a Bizfi lender that agreed to that transaction.

[Karen37a]

Lending Club shutting down 5 investment funds

https://www.wsj.com/articles/lending...nds-1508960133



**the most important driver of its business is the fresh supply of funds to continue originating loans. The only reason LendingClub had an affiliate buy up its debt was to absorb the lack of institutional buying
to keep originating loans, it has to convince the suppliers of capital (aka, investors) to keep playing ball

as I said before these people are a mess

[Karen37a]

jess if you are looking

SECURITY
AGREEMENT
dated*as*of
October*10,*2017
among
LENDINGCLUB*WAREHOUSE*I*LLC,*
as*Borrower,
[***]*
as*Administrative*Agent,
AND
WILMINGTON*TRUST,*NATIONAL*ASSOCIATION,
as*Collateral*Trustee