MCN nailed it. Stack lenders are popping up left and right. They wouldn't be if there wasn't plenty of profits in the game. There is without question an imbalance of available capital and demand in this space. Any way to get money on the street will be exploited.

I personally find a company offering 1.40-1.50 over 3 in 2nd through 1,000th position as a core product embarrassing to the industry but it is what it is.