Ann: Spenda secures $50m debt warehouse facility, page-440

Yes it's hard to do

This is basically a factoring service, loans against a generated invoice between producer/ supplier/ wholesaler whatever way you want to cut it

This relies upon the producer to produce the goods and the wholesaler to pay (credit worthiness)

Raising an invoice against say 10 tonne apples sold at $X

This becomes problematic lending as you're trying to clip the ticket, providing discounts for upfront payment and risking all types of unknowns in the agri space for example

Apples go bad, weather, buyer pulls order, it's not an easy space hence why no to very limited number of lenders bother due to inherent risk

Some could argue that provides opportunity, maybe, you'd need to be super diligent at risk assessment, then charge accordingly, you'd want 2-3% month minimum to cover losses and to take such a risky borrower types

It's not the borrowers per se, it's the product risk from all sides that would worry me

SPX may as well just fund tractors at 20%+ pa at least you then have a registered asset that can be charged on PPSR