How do the tranches get funded?

Indeed. And given the use of GDVs in working out the LTV ratio, possibility of developer going bust,lack of interim reports, endless tranches, this is why the DFLs should be paying more interest than PBLs. It also bemuses me when DD enthusiasts talk about personal DD and I have to say it would seem to me to be impossible to do any serious and worthwhile DD on one of these loans when you do not have sight of a detailed interim monitoring progress report.

I am in the process of selling out of every single DFL I am in and only having PBLs. It is not as easy as it sounds because as soon as you get near the front of the queue they launch yet another tranche and bump you back. In fact I am considering exiting this platform altogether by the end of the month because I think I have had a good run on here.