the progress is going to be slow and steady, and although the...

the progress is going to be slow and steady, and although the loan book is rounded, you can see that steady (glacial) growth through originations.

note that they still very constrained.....little of their own cash on hand, so all interest received and loan repayments are being recycled to maintain/grow that loan book else as it ages, revenues will start falling (and we are already seeing that). The challenge is that the market is demanding a statutory profit, so for every loan that they write, they have to take a provision upfront so a real balancing act between growing that loan book (which means taking a loss upfront), reporting a statutory profit, and also managing cashflow to leverage those warehouse facilities (I believe that MME has to stump up a share of the loan or at least the expected loss value so the providers of those facilities are not impacted by credit losses.....although having some loans secured and also improvement in the overall credit quality helps MME on a number of fronts (although their net interest margin they earn on the loan reduces)