Ann: EHE Market Update-EHE.AX, page-55

This is just the beginning of their problems. Their RAD funding model is broken.

RADs 85.7% 76.0% 30.0%

RAD"s have crashed from 76% in 2016 to a run rate of 30% in 2017. The Ponzi RAD scheme is coming back to haunt them.

It's the same as if you owned 100 houses and took the residential bonds ( assuming you controlled them ) to finance reno's knowing as tenants left new ones would come in to replace the cash you had pilfered that was never yours to use but you did. Then one day as tenants leave you have trouble finding new tenants but you are still obligated to refund the bond but you don't have the cash. You then need to sell assets or raise cash like Estia are currently doing. Paying back the bank is just the beginning. This is what is happening to Estia right now.