Massive opportunity cost, page-89

If they were a mortgage lender that would be fantastic, but you need to keep in mind they are promoting early repayment of debt and amortising over 3-7 year terms with the bulk at 5 years.

Forget about total origination, that is just to stoke investor sentiment, you need to look at new origination growth as they correlate to the loan book balance. Due to the nature of their lending they will plateau at some point where the growth reaches a stagnation point with the book balance.

I believe they should be deploying some of their cash held and lending off balance sheet too, they don't seem to want to do this.

Investors need to start asking what is the cash banked up is for!!