RE:I said this 3 months ago tooIt is 80+ cents if you do your math..... Cash + receivables - line of credit = 30M in cash
"Receivables went down 12M" - irrelevant, doctos are paying a fee for access to credit, which will be drawn up and drawn down over the course of a month as they are paid. Doctor could borrow 5M for 28 days, pay back 2M on day 29, and net a "receivable" to LND of 3M at month-end. LND still makes its money.
That's how the business model works, that's why the flat fee boosts the IRR on the loans to 20-40%.