Quote Originally Posted by bizloanbroker View Post
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?
If their bad debt is running at 7.5% on their renewals, I would have to imagine the bad debt on their new deals is running at least 25%. That is just a guess though. You would need to dollar weight the whole portfolio to see what their true bad debt is based off of that.