We assume 

Loan book size of $230M

Paying trail of 15 basis points

Annual trail $345k (circa $29k a month)

Trading at a 3 times multiples 

Vals up at just over $1M

Now heres the tricky part about building it

Churn rate is expected to sit at circa 2% a month

And with $230M loan book expected we just shy of $5M a month 

That means just to maintain the book we need to settle around $5M every month

And to grow the book we need to settle more than $5M a month 

Everything over and above that is net new biz 

For example 

Write $7M a month in gross volume

Churn $5M month on the backend 

Our net new business is $2M a month 

Dont sleep on net new biz if trying to build value