I'm a big fan of doubling down when the market is in a downturn, but a historically modestly-run company gearing up in a turbulent UK environment, with a new financing structure to roll its debt and allow more leverage, while pushing into a slightly weaker credit tier, is a complex combination of factors. These business models rarely get high multiples, especially when levering up, in the UK, with subprime exposure. Kruk is the perfect example: one of the best-run names in the niche, in a better market and with lower leverage, and still priced cheaply. For me the way to play it is a pure-play servicer like doValue. Also worth comparing recent refis against equity valuations to see where debt and equity markets diverge, useful in a sector this unfollowed.