The buyer of that pool of loans will be an institutional investor with an allocation for that kind of risk. Depending on the state of the market, the pool might

The buyer of that pool of loans will be an institutional investor with an allocation for that kind of risk. Depending on the state of the market, the pool might be sold at a discount or a premium which may attract/deter certain investors. Separately, pooling loans generally makes the aggregate product less sensitive to default risk because you're talking about many loans instead of just one.