Ex-Kondaur Chief Jon Daurio: FICOs are Irrelevant

Industry veteran Jon Daurio, who’s trying to raise $250 million to start a new nonprime lender, is having his new firm apply for lending licenses in California.

“That will be our first state,” Daurio said in a recent interview with National Mortgage News. “But we will be in other states as well.”

Daurio, who left nonperforming loan investor Kondaur Capital about 18 months ago, said his capital raising effort is still in its infancy. His firm’s operations are based in Orange County, Calif.

Discussing the lender’s market plan, he said that FICO scores are “irrelevant” and that the company, Nikkael Mortgage, will manually underwrite loans.

Nikkael will provide mortgages with a maximum loan-to-value ratio of 70% and will focus its initial efforts on retail. He predicts the company will employ 50 to 80 people in its first year. (For the full story see the Monday paper edition of NMN.)

 

 

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