I have had a look at AFG, Mortgage Choice, Yellow Brick Road and...

I have had a look at AFG, Mortgage Choice, Yellow Brick Road and Aussie Home Loans.
AFG seems to be different to the rest in that it is partly funding its own book through wholesale funding. I recall during the GFC that the wholesale funding market dried up very quickly.
Anyway, here are the comparisons:
   AFG MC YBR AUSSIE
Income 549    178   120 271
PAT    20 20 0 25

TA 1718 352   252    372
Equity    63 102   78    69

Market 277   339   161 332
CAP

ROE 31% 19% 0%   37%
PE 14    17 ?   13

Comments
At top of price range AFG is cheaper than MC
With lowering interest rates it places great stress on the PL because expense management becomes a big issue because the actual $ amount made on interest margins is now less.
AFG is funding its own book hence it has more risk from what I can see.
Relative to competitiors it is a big business.
I have approximated Aussie capitalisation  based on CBA holding 80 % of Aussie at a cost of about $266m. However, a large amount was bought several years ago and my imputed market cap for Aussie is probably a bit low. Hence the PE of 13 imputed for Aussie is probably low.
Nervous that even CEO is selling down a large chunk of his stake in this IPO.
Equity for AFG is only about 4 % of assets. This is very low and a concern.

NEED TO KNOW
What is AFG's reputation like in the market ?
Is management good  ?
What are brokers saying about this IPO
What are fund managers saying about this IPO

Interested in everyones thoughts !!