Before I consider taking out a mortgage through a non bank lender such as yourselves, I am interested to understand how you are funding home loansgiven the securitisation markets are still quite weak and that issuance spreads are very wide. I would like to understand that their is some sustainability in the rates which are being offered compared to major banks (given the latter are complaining about funding costs rising).

How can you sustainabily compete with banks at issuance spreads of 130bp-170bp on securitisation issues- doesnt leave much room to undercut ? Or is your funding sourced through banks as a commercial loan ?

Thanks