IFAs & P2P

So essentially, you refuse to give any form of transparency regarding your fee structure. That makes you far less transparent than the other parts of the financial services sector you seem so happy to criticize. At least IFAs and asset managers tell me what fees they charge. Moreover, in most case, lenders have a pretty good idea of what spreads are being charged on other property lending platforms (say AC, TC, FC, SS, LendInvest for example). Possibly you may or may not be doing these deals as loss leaders or at flat; that is hardly unusual for a P2P start-up.

As for your statement of "extraordinary risk-adjusted return" and that "the yields we offer on institutional grade, senior secured debt are as high as what some other platforms offer on more junior tranches and lower quality assets", well that remains to be seen. Most property bridge lending platforms have opened their offering with 12% yielding loans, so there is nothing unusual in that. I see nothing special about you're offering relative to those. What matters is what LGDs your portfolio experiences and what yields you will be offering when you start taking that (unknown) spread. We won't know that for a few years.