yes all going to plan. Major risk is that APRA pressure banks to...

yes all going to plan. Major risk is that APRA pressure banks to limit the provision of warehouse loans to the likes of Pepper and/or Pepper faces headwinds in its securitisation efficacy. On balance i think they are placed very well, in particular as they have strong administration skills/systems and as they have some diversity beyond Australia (ie not 100% exposed to Aussie house market). The mortgage brokers are a powerful force and hopefully they do direct more to Pepper than the banks. Banks are as always not the best at providing service so i hope Pepper can deliver on this front as well as this will be icing on cake. No wonder price is running up nicely.