Massive opportunity cost, page-119

I think they are around 2 years from plateauing in terms of growth vs book size, I would think for every 7 year loan they get, they would get a 3 year, their loan amortization period is confirmed at around 4.5 years and they are on track to meet their growth target for this quarter, unsure of what that is, other than it will be more than last quarters one would think.

I don't think they are priced well enough for $200m quarterly originations, if they are they would be decreasing margins and profitability. If I price a secured, WISR are 5 or 6 deep as a rule. Resimac has entered secured now and is coming out on top with the other established players, I think $160m is the tap out point, especially given money is cheap currently, wait until the inevitable rate rises, but that still puts them under value, which is why I am here. $300m should be the fair value MC, unless they actually have tangible plans for the money they have in the bank.

Again I will reiterate, they will grind it out unless they buy something or expand offshore, they aren't doing anything badly, but they aren't leading the market by a long way either.