Perhaps HM are taking advantage of a loophole in the FMA's p2p lending license which I don't think it requires that a certain number of loans must be made available to the retail investors. HM will continue to drip feed a few loans to the retail lenders here and there while using the marketing bonus of being a p2p lender to attract borrowers for their wholesale investors while at the same reducing the resources required for dealing with questions and demands from lots of small retail lenders. And that's smart business.