Westboro MIC CEO steps down after four-year tenure

Company highlights achievements and future plans

Westboro MIC CEO steps down after four-year tenure

Westboro MIC announced today that Nick Christopoulos has stepped down from his role as chief executive officer, effective December 31, 2024. According to a news release, Christopoulos played a pivotal role in shaping the company’s growth strategy during his four-year tenure as CEO, navigating a challenging economic climate.

Under Christopoulos’ leadership, Westboro MIC achieved milestones. The fund’s annual compounded return on investment for F-Class investors increased from 6.4% when he began his tenure to 10.69% as of last month. Additionally, the company expanded its assets under management (AUM) from $230 million to $496 million. Investor equity grew from $177 million to $361 million, and a syndicated line of credit led by TD Bank was raised from $90 million to $260 million.

Reflecting on his time with the company, Christopoulos said, “I am grateful for the opportunity to have led Westboro MIC during a period of great uncertainty with the pandemic, followed by rapid increases in interest rates which caused economic pain to borrowers. I am proud of what we have accomplished together as a cohesive team during these challenging times. I look forward to guiding and supporting the future success of the Fund from my continued Board Director role.”

The company expressed its gratitude for Christopoulos’ contributions and leadership during his tenure and wished him success in his future endeavours, and said it has no current plans to fill the role.

Westboro Mortgage Investment Corporation is a private lender that provides residential mortgage financing in Ontario.

The Westboro Mortgage Investment Fund oversees a portfolio of short-term residential mortgages in Ontario, with more than 90% of the mortgages in the first position.

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