As someone who dabbles in the B- to F range I can tell that a lot of the points you've made are correct. However, I'd like to add something that some of you may not have considered. When a D paper shop gets a deal as clean as what you have said, and the only other balance is OnDeck, sometimes they kill the deal knowing that taking the time to fully underwrite when their offer will be completely destroyed, by the other 5-10 funders looking at the file, is a practice in futility. A lot of times I ask myself, what is wrong with this file? On the surface it appears flawless, do I want to invest time in it knowing full well that I'll have to go way out of my comfort zone to get the merchant to go with me?