Market Overview

KBRA Assigns Preliminary Ratings to Upstart Securitization Trust 2018-2

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Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of notes issued by Upstart Securitization Trust 2018-2 ("UPST
2018-2"). This is a $187.623 million consumer loan ABS transaction that
is expected to close on August 10, 2018.

This transaction is Upstart Network, Inc.'s ("Upstart" or the "Company")
fourth securitization of prime and near prime unsecured consumer loans.
The loans are facilitated by Upstart's proprietary models supporting an
online marketplace that connects borrowers and investors by offering
consumer loans originated by Cross River Bank ("CRB") through the
program, www.upstart.com
(the "Upstart Program" or the "Program"). Upstart is a wholly-owned
subsidiary of Upstart Holdings, Inc.

Upstart was founded in February 2012 and since the first unsecured
consumer installment loan was issued in May 2014, has issued over
161,000 loans for over $2.07 billion. The Company uses a hybrid funding
model which provides an alignment of interest between investors, Upstart
and CRB whereby approximately 60% to 70% of the loans are sold to
institutional investors, 15% to 25% retained by Upstart and sold to
Upstart Loan Trust, 5% sold to fractional retail investors and up to 10%
retained by CRB.

The transaction has initial hard credit enhancement levels of 61.20% for
the Class A notes, 40.15% for the Class B notes, 22.05% for the Class C
and 10.50% for the Class D notes. The reserve account will be funded at
closing in the amount of 0.50% of the of the cutoff loan balance. The
transaction includes a cumulative net loss amortization trigger, which
if breached, will cause the transaction to enter a full turbo
amortization while the trigger is in breach.

KBRA applied its Consumer Loan ABS Rating Methodology as part of its
analysis of the transaction's underlying collateral pool, the proposed
capital structure and Upstart's historical gross loss data. KBRA also
conducted an operational assessment of the Upstart Program, as well as a
review of the transaction's legal structure and transaction documents.
KBRA will also review the operative agreements and legal opinions for
the transaction prior to closing.

For complete details on the analysis, please see KBRA's pre-sale report, Upstart
Securitization Trust 2018-2 Pre-Sale Report
,
which was published
today at www.kbra.com.

Preliminary Ratings Assigned: Upstart Securitization Trust 2018-2

         
Class   Preliminary Rating   Expected Initial

Class Principal

A   A- (sf)   81,929,000
B   BBB- (sf)   43,883,000
C   BB- (sf)   37,733,000
D   B- (sf)   24,078,000
   

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction's
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA's disclosure
for this transaction can be found in the report available here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
recognized by the National Association of Insurance Commissioners as a
Credit Rating Provider and a certified Credit Rating Agency (CRA) by the
European Securities and Markets Authority (ESMA). Kroll Bond Rating
Agency Europe Limited is registered with ESMA as a CRA.

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