Ann: Change in substantial holding, page-27

Interesting article in the AFR about the challenge facing non-bank lenders to gain access to capital and talks about big 4 banks being less willing to provide warehouse facilities to smaller lenders like Wisr.

Management here has taken some criticism but in hindsight it would appear that whether through luck or skill, they’ve managed to make some timely decisions such as their last cap raise, the $25m debt facility in November, the new warehouse facility etc. Based on the current environment, it looks like some of the competition is going to be killed off (MME has the wobbles big time) so if Wisr can just navigate the next 12-18 months, when rates start to come down they could be in a position to benefit from a less crowded sector. In the meantime, expecting the share price to continue to take a beating mainly due to sector headwinds.