Former Equity Financial Trust CEO Nick Kyprianou announced Thursday the establishment of RiverRock Mortgage Investment Corporation.
“Due to the increase in residential mortgage regulations being placed on banks and trust companies we see tremendous opportunity to work with mortgage brokers in order to assist them with securing financing for their self-employed, soft or poor credit and new immigrant clients” Nick Kyprianou, president and CEO of RiverRock Management Inc. said in an official release.
RiverRock MIC will operate exclusively within the mortgage broker channel. The MIC will focus on alternative lending, an area Kyprianou believes is being squeezed by tightened regulations, with many lenders unwilling to operate within the space.
“There are more opportunities for private lenders to help brokers; lenders are saying no to a large number of deals and there are opportunities for other lenders to fill the need,” Kyprianou told MortgageBrokerNews.ca. “There are a lot of borrowers who don’t fit into the box required by traditional lenders.”
In late 2013, a bid was made by Smoothwater Capital and two joint actors – including Kyprianou, former CEO of Equity Financial Trust – to have him reinstated as Equity Trust’s CEO.
“I made a decision that given how things unfolded it wasn’t the right move,” Kyprianou said.
Plan is set to have Equity Financial's CEO reinstated