thanks for the responseI'm surprised this was not clearly...

thanks for the response

I'm surprised this was not clearly articulated in their investor presentation, but I did manage to find it in their full year financials:
- page 93 shows that at 30th June they only had 28m undrawn facility via the warehouse trust they set up
- page 95 indicates that they increased MME Horizon 2020 trust capacity to 338m in July which gives them ~100m in capacity

That may sound like a decent amount of capacity, but remember that in their Sep update they indicated that they originated 112m in loans, so it does look like this is somewhat of a brake on rapid acceleration. Arguably there are people that have paid down their loans, but to grow, they will need more funding.

It seems like the trusts are funded by mezzanine investors, which I imagine is not cheap, but perhaps at some point, they can securitised those receivables at a cheaper rate down the line. It still means that they will have to continue to find investors to fund their growth, but hopefully their track record should make that easier and cheaper going forward.