I think that it will be well above 5% based on the most recent...

I think that it will be well above 5% based on the most recent update on 15 June 2023, snippet from the announcement below:



They were getting roughly 1 application per day in May (which is now at 3+ per day). 10 sales between 3 May and 15 June so let's say 10 sales in a month and a half.

10 sales / 45 applications = 22% minimum conversion. I think that's a conservative estimate as the 10 sales would have been based on a lower application rate during April & start of May.

So let's assume 30% conversion.

Between 1 July 2023 and 30 June 2024 at the current application rate that would be:

3 x 365 days x 30% x $3,000 = $985,500 in upfront commission; and
$985,500 x (0.15//0.60) = $246,375 in ongoing trailing fees which are recurring revenue (albeit reducing as the loan value decreases).