I’ve collected the data we have talked about so far in telegram. This list will be at the end of this comment. I’ll update this comment with the current consensus, so it always has up-date, collated data.
What kind of data do we wish to see when voting about a loan?
Current consensus:
Income
Loan amount
Credit/Blockscore
Proposed Interest rate (maybe a community vote on this to set the base rate and parameters)
Property
Business name (if applicable)
Loan length
Loan to value percentage
Rent to monthly loan repayment
Down payment (cash, crypto, neighbour’s wife, etc)
New loan or refinance
I’ve collected everything I’ve found in the telegram group.
Some of these are self explanatory, but can we get a detailed definition or explanation for them. For example loan to value percent, blockscore, etc. This may help us decide what is important foe the red light green light system.
I would like to see all that data. Starting with what banks look at would be a good start. But I agree with @Dr_Krash , I’d like some clarification on the loan to value percent, and also the rent to monthly loan repayment
Rent to monthly repayment is something like:
Rent paid/month currently: $1500
Loan monthly repayment: $1300
So, rent to loan would be 1500-1300, a nice big green flag in this example.
Rest is… I guess we really need some expert help here to move on.
Something that would also help to see is someone establishing what the value is of current investment assets (i.e. current rental/properties owned). This may help gauge risk based on how many properties they could leverage against?
Appraisal, pictures, address of property, survey of the property to be financed.
Proof of personal or business income to make sure they can repay the loan, we don’t want to become property owners.
Does the credit score / block score not act as an algorithm, which effectively ranks each loan based on risk?
I can’t see how it’s logistically possible to vote on every single loan made, particularly when they will soon be in the hundreds / thousands (fingers crossed).
My view is that the community input element should be on the levels of risk they are prepared to take collectively, for different loan sizes and types.
Then loans are accepted or denied/referred for further human scrutiny, on an automatic basis.
Have to stress I’m not an expert, and I expect most of the community are not either. So I’d be much more comfortable staking my tokens on loans I know I have been given, with as much expert consideration as possible.
Agreed, that’s why we have the board/delegation discussion. I’m not an expert as well, so I’d sleep much better knowing someone with actual knowledge and experience makes the decisions.