Wisr’s warehouse funding facility has been increased to A$350 million, less than six months after it was increased five-fold to $250 million.

The consumer lender has had warehouse funding in place since November 2019, when NAB became the principal funder of Wise Warehouse Trust No 1 with $50 million of committed funding.

At the time the warehouse was set up, Wisr said it would triple its average margin, when compared with previous funding arrangements.

The company said in a statement yesterday that the latest increase was a reflection of its strong lending growth and the creditworthiness of its book.

Wisr’s financial report for the six months to December details originations of $145.7 million during the half, an increase of 166 per cent over the previous corresponding period. The loan book was $274.2 million.

The provision for expected credit loss was $2.7 million, compared with $1.1 million in the previous corresponding period.

Revenue rose strongly from $2.2 million in the December half 2019 to $9.9 million in the latest half.

Operating expenses were up 59 per cent. The company made a loss of $9.5 million and cash outflow from operating activities of $5.1 million.

The company conceded that expense growth was high but this was on account of “a step change in operating capability”.

“In the medium term, increases in the operating cost base will be more incremental, resulting in significant operating leverage as revenue continues to grow strongly in line with the growth in the company’s loan book,” it said.

During the half the company launched a new product, secured vehicle finance.