Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of notes issued by Marlette Funding Trust 2021-3 (“MFT 2021-3”), a $ 318.90 million consumer loan ABS transaction.

The ratings reflect the initial credit enhancement levels of 40.65% for Class A Notes to 9.75% for Class D Notes. The credit enhancement consists of over-collateralization, subordination (in the case of Notes Category A, B and C), a funded reserve account at closing and excess margin.

Founded in 2013 in Wilmington, DE, Marlette Funding, LLC (“Marlette”) operates an online market lending platform, which offers personal installment loans under the Best Egg brand ( (the “Marlette Best Egg Platform” or the “Platform”) which are included in this securitization. This operation is on the 17the securitization sponsored by Marlette. The first multi-seller securitization issued by Marlette Funding Trust (“MFT”) took place in August 2016. As part of the multi-seller securitization program, Marlette is the sponsor and the guarantee is provided by Marlette and the loan buyers integers from the platform. .

KBRA applied its global consumer credit ABS rating methodology, its global structured finance counterparty methodology and its global ESG rating methodology as part of its analysis of the underlying collateral pool of the transaction, the proposed capital structure. KBRA also conducted an operational assessment of the Marlette platform, as well as a review of the legal structure of the transaction and transaction documents. Operational agreements and legal opinions will be reviewed prior to closing.

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Further information on key credit considerations, sensitivity analyzes that examine the factors that may affect these credit ratings and how they might lead to an upgrade or downgrade, and ESG factors (when they are a key factor in changing the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially significant sources that were used to prepare the credit rating and information about the method (s) (including significant models and sensitivity analyzes of relevant key rating assumptions, if any) used to determine the credit rating are available in the information disclosure form (s) located here.

Information on the meaning of each rating category can be located here.

Further information relating to this rating measure is available in the information disclosure form (s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures can be found at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a credit rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a credit rating agency with the UK Financial Conduct Authority under the temporary registration regime. In addition, KBRA is appointed as the designated rating agency by the Ontario Securities Commission for issuers of asset-backed securities to file a simplified prospectus or a shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a credit rating provider.