KBRA assigns preliminary ratings to five classes of notes issued by Avant Loans Funding Trust 2022-REV1 (“AVNT 2022-REV1”), a $200 million consumer loan asset backed security transaction. The preliminary ratings reflect initial credit enhancement level ranging from 46.41% to 5.08% for the Class A through E Notes. Credit enhancement consists of overcollateralization, subordination (except for the Class E Notes) and a reserve account funded at closing.

This transaction represents Avant, LLC’s (“Avant”, the “Servicer” or the “Company”) twelfth rated securitization collateralized by a trust certificate backed by unsecured consumer loans originated through its online marketplace lending platform (“Avant Platform”). Founded in 2012, Avant is located in Chicago, Illinois and operates an online lending platform. Personal installment loans are offered primarily to non-prime consumers through the Avant Platform. Typical customers have FICO scores between 550 and 700. Loans have an original term of between 12 – 60 months, an original balance between $1,000 to $35,000 and a fixed APR between 9.95% - 36.00% depending on the borrower’s risk profile and loan term. The Avant Platform charges an administration fee to borrowers ranging from 1.50% to 4.75%. The primary purposes for the loans are for debt consolidation, emergency expense, life event, or car repair.

KBRA applied its Consumer Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the portfolio pool data, underlying collateral pool and capital structure. KBRA considered its operational reviews of Avant, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

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Related Publications

• Consumer Loan ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology

• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

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

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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