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Toronto, ON, June 7, 2018 – Ninepoint Partners LP, a Toronto-based independent, active manager of specialty alternative investment solutions, has partnered with RiverRock Mortgage Investment Corp., a mortgage investment corporation (MIC) that provides access to investments in high-yield Canadian residential mortgages.
The agreement allows Ninepoint to provide RiverRock’s high-yield MIC to investors looking for investment opportunities and access to Canada’s secondary mortgage market. The RiverRock team is led by Nick Kyprianou, who has over 30 years of experience in Canadian non-traditional lending.
“RiverRock is an institutional calibre lender and has continuously demonstrated a deep understanding of the Canadian mortgage market,” said James Fox, Ninepoint Partners’ co-CEO and Managing Partner. “Given the recent changes in the mortgage market, we are pleased to provide investors with the opportunity to participate in a diversified portfolio of residential mortgages and add this strategy to our expanding lineup of alternative offerings.”
Alternative mortgage lending has seen a boost in popularity after the Office of the Superintendent of Financial Institutions (OSFI) implemented a new guideline on January 1, 2018 that requires banks to “stress test” a potential borrower’s mortgage against higher interest rates. These stress tests often result in borrowers with good credit being ineligible for traditional financing or qualifying for a lower mortgage than they anticipated and have pushed them toward private lenders who are not required to implement these same stress tests.
“These new guidelines have created a significant opportunity for private mortgage lenders,” said Kyprianou. “RiverRock’s high-caliber MIC portfolio is well-suited to manage the growing demand for alternative lenders and this is the ideal time for RiverRock to follow it’s clear path towards delivering high returns for investors.”
RiverRock’s portfolio holds owner occupied residential mortgages in Southern Ontario with a maximum duration of 12 months, that pays its investor an 8.33% dividend yield.
About Ninepoint Partners
Ninepoint Partners is an independent, expert active manager of specialty investment solutions, committed to helping investors explore innovative ways to add value to their portfolios, and advisors to differentiate their businesses with unique investment solutions. Based in Toronto, Ninepoint Partners has assumed portfolio management of the Canadian diversified assets of Sprott Asset Management LP, including actively managed hedge and mutual funds. The new firm oversees approximately $3 billion in assets under management.
Please visit www.ninepoint.com to learn more.
About RiverRock Mortgage Investment Corporation
RiverRock Mortgage Investment Corporation (RiverRock MIC) is a mortgage investment corporation based in Toronto, Ontario. RiverRock MIC offers investors an opportunity to participate in a diversified portfolio of high yield Canadian residential mortgages. RiverRock MIC is primarily focused on residential real estate in Ontario in both urban and suburban markets. Our principals have decades of experience in mortgage underwriting, risk management and administration.