Ann: $150 million Lending Milestone Achieved, page-31

Really?

So they waffle on about a possible tripling in margin via NAB funding rather than selling off the book yet can't give the actual margin?

Subordinating the book would normally get you 2-3% gross margin if you're lucky, but they are losing circa 1.8% in losses (before costs) also the fact they have had to raise at higher rates than the NAB funding (presumably) so they are hoping for around 4- 6% is my guess with new funding

The NAB would be 7-8% so need to lend out at 12-15% which sounds about right.

Even 5% at say $150m pa is only $7.5m gross return before overheads/ costs/ cumulative losses/ tax etc

Am I missing something here?