Yes - definitely 10%... not sure where the 7 came from? Though unfranked, so ultimately similar to the banks etc, (at 7% franked). I think they will continue to find loans that deliver 10-14% IRR (like the few that recently were repaid), and moving forward when they start recycling their loan book (i.e. onselling their loans to other investors) that will generate active return, as they have alluded to in their annoucements.
TOT provides exposure to a pretty exciting sector IMO, and I partly like the fact that it is small ($80M at present) means they can be selective on deals... Qualitas fund is much larger, I would think that their 'standards' for loans would be a bit more relaxed. - Though I have no evidence to back that up... but it is a question of trying to allocate FUM effectively and quickly.
TOT Price at posting:
$1.20 Sentiment: Hold Disclosure: Held
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