So has anyone else done any real research on their recent securitization?

Well I did over this past weekend and I was blown away at what I found.

94-96% of the few hundred deals in the securitization were "seasoned" which in English means they are all renewals on round 2 or 3 of financing with Ondeck.

So the low single digit default rate they talk about in the prospectus is real for the deals in the securitization.

But my question is what is the overall default rate on all their deals, not just the seasoned renewals?