Nick Kyprianou will head up EFT’s mortgage operations. Nick was formerly President of Home Trust and a major reason behind that company’s remarkable growth and share appreciation (chart).
In speaking with Nick yesterday, it’s obvious he sees enormous potential for EFT. “The liquidity crisis completely decimated unregulated mortgage companies,” he said.
“The alternative market is completely underserved.”
One indication of non-prime loan demand, Nick says, is that "we’re starting to see more MICs popping up in Ontario, which you haven’t seen for years, especially in the residential side of the business."
When it launches, EFT will be an alternative residential lender lending up to 80% loan-to-value on 1-4 unit properties. EFT eventually has plans to roll out A, B and C products Nick says.
“This business is about service and long-term relationships,” adds Nick. “We’re going to have fantastic service…and be completely paperless from cradle to grave.”
The company expects to raise an additional $10 million in capital by the end of this month, in preparation to become a deposit taking institution (DTI) and start lending.
Equity Financial Trust was federally registered as a trust company in 2006 but it’s been in business for 20 years. EFT is a subsidiary of Equity Financial Holdings Inc. (TSX: EQI), formerly Grey Horse Corporation.
This is not a stock recommendation but if you like to invest in good track records, put EQI on your RADAR.
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