[MCNetwork]

I've seen On Deck stack merchants as well. They should watch out!

[CreditGuy]

I've seen On Deck stack merchants as well. They should watch out!

The larger lenders (OnDeck, CAN, BFS, TBB, etc.) aren't stacking intentionally. They are selling most of their paper into warehouse lines, or in the cases of OD and CAN, securitization facilities. Originating a deal that's a stack would violate the covenants of those facilities. It is most likely the broker (or owner) that is double funding the business. There might be some instances where it legitimately fell through the cracks, but I very highly doubt it is intentional.