"We can do [a lot of things] that everybody else can’t do for the most part"
Non-bank lenders are ideally placed to provide solutions to clients who are burdened with qualification struggles and other similar issues, particularly in a high-rate environment, according to Nick Kyprianou of RiverRock Mortgage Investment Corporation.
“We can do [a lot of things] that everybody else can’t do for the most part,” Kyprianou told Canadian Mortgage Professional during a recent edition of CMPTV.
This especially applies to RiverRock’s products that attend to the needs of those who have already been declined by other lenders.
“We don’t have a minimum beacon score,” Kyprianou assured. “We don’t have tedious requirements. We’ll take self-declared letters. The only thing that we care about is the property, its value.”
Non-bank lenders also have sufficient elbow room to allow clear exit strategies for troubled borrowers, Kyprianou said.
“Somebody may have had some challenges in their life,” Kyprianou said. “Their credit’s a bit soft. They may be able they make a decent living, but they can’t prove it… It’s because people have people have things in priority. They deal with us.”
In general, “people have good incomes,” Kyprianou observed. “Good credit, good everything. It’s just that they’re just missing the mark on the gross debt service/total debt service qualifications because of stress testing. So our quality of borrower has been increasing quite substantially this year, which has been great for us.”
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