As far as I can tell, QFE's AU business received $3m interest income and paid $1m finance costs - so they lend at 9.9% and ostensibly borrow at around a third of that, or 3.3%. Credit risk seems limited because the lawyer/accounting firm is on the hook if a customer defaults. Is this not a pretty decent business model, especially as the business scales and the fixed admin costs remain mostly static? What am I missing here?
Ann: Business Operations Update, page-166
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