APT 0.00% $66.47 afterpay limited

I understand, but ignoring the cost of $60-70m of free equity is...

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    I understand, but ignoring the cost of $60-70m of free equity is obviously going to massively understate the true costs of the model... I have no doubt that there are line fees and SPV related fees, but they will probably only turn up in this years figures as their securitisation program is brand new... remember the first $40m would have just been a corporate facility... the switch into the $200m securitisation warehouse is very recent and totally different.
 
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