Hello All-
I'm in the process of getting started a complete website for guidance and discussion about a new type of banking/lending. I would like to offer my fellow investors or potential investors greater access to slice and dice the data of one of the key companies involved in this area.
They don't currently offer what I'd like to offer to users. However, one of their competitors; SNIP does have the exact concept I'd like to develop just for their competitor with different data and available data to work with.
The system works like this. Peer lending is person-to-person lending. Meaning instead of the bank, you directly fund borrowers requests for loans.
Its important to understand the risk associated with developing a portfolio with SNIP (The intermediary for borrowers and investors).
Which is why I would like to make this information instantly available to members of my website to allow them to be further educated and find the best way possible to maximize their return on their money.
I basically want them to be able to instantly tell what percent of borrowers (based on previous history) pay back their loans on time, are current, late, defaulted etc.
I want the data to be able to be manipulated by many different variables:
Amount Requested
Amount Borrowed
Interest Rate
Loan Length
Application Date
Issue Date
Credit Grade
Loan Purpose
Monthly Payment
Debt-to-income ratio
State of Borrower (Location)
Home Ownership
Monthly Income
FICO (Credit) Score
Earliest Credit Line
Open Credit Lines
Total Credit Lines
Revolving Credit Balance
Revolving Line Utilization
Inquiries in the last 6 months
Accounts now delinquent
Delinquencies (Last 2 Years)
Months Since Last Delinquency
Public Records on File
Months Since Last Record
I would then like to make it possible for the data to be automatically re-entered into the database daily as it adjusts. In example, if a borrower doesn't make their payment, they would change statuses. Also, new loans that are just made will then be added to the new data and reflect new statistics on a daily basis.
The data is available for download daily (and updated) from the companies website:
SNIP
I'm not sure if this is really possible, but I've heard that it is?.....
I would also like SNIP database of IN Funding loans (that investors can invest in), to be able to be instantly searched from the database website, to find matches for their new investment criteria.
I'm not exactly sure how databases work....So if I want members/users to be able to search the site, pretty bear bones design, just those search and filter options....Does the person who develops the database need to be able to design a website directly?
I'm very concerned with the amount of time (hours) of labor this would take to produce as I would have to hire a contractor to do this.
I'm working on my own on this, with no intentions to directly profit, other than using it myself :), but I need to keep my costs down. So I would like to get an estimate of how many hours it would take to produce such a thing...Rough estimate
I need it to display very similarly....if not EXACTLY the same to:
SNIP
If possible, also as the database feed takes in different views each day, I would like the data displayed to be adjustable based on the day you are viewing it......
As in, if a borrower falls behind one day, then catches up the next it would be reflected in the new data.....
If possible I would really appreciate all feedback/opinions on the approximate number of hours something like this would take to put together.
Please break-down by part of the job....As in if I wanted to add the second database with IN Funding loan listings, how many additional hours would it take to put together.
Also a rough number of $$$ costing....(Its more important # of hours though)....
Thanks in advance for your response-
Very much appreciated.