Amur Financial has secured a new equity partner to recapitalize its mortgage origination, management, and servicing operations.
Alaris Royalty Corp. has invested a total of $70 million in the firm.
"Alaris is extremely pleased to have been selected by Amur as their equity partner,” said Steve King, President and Chief Executive Officer, Alaris. “With a long track record of success, a young, committed management team that refused to give up control, consistent profitability, an immaculate balance sheet and a well-diversified, fee-based revenue stream, Amur provides everything that we look for in a partner.”
Amur operates it originations business under the Alpine Credits brand and has an investment management division. It has exclusive relationships with three Mortgage Investment Corporations which are the main funders of the mortgages the firm originates.
“Given the company's consistent growth and their policy of paying out excess cash as common dividends, this was a very attractive opportunity for us,” added King.
Alpine is the largest source of income for Amur and carries minimal balance sheet risk as the mortgages that it originates are underwritten directly by the MICs or third-party lenders.
Alpine’s main focus is on BC, Alberta, Ontario and recently Quebec and it operates a very nimble structure with a focus on a virtual presence rather than the traditional bricks and mortar set up.
"With a focus on supporting our long-term growth aspirations, and not a quick exit, it was clear that Alaris' investment model was designed specifically for companies like ours. We look forward to working with a great group of professionals and are proud to be a part of the Alaris group of companies," said Kurt Wipp, Managing Director, Amur Financial.