ELMSFORD, N.Y. - Cityscape Financial Corp. reported strong earnings for the first quarter of 1995.
The mortgage company, which primarily makes loans to borrowers with impaired credit histories, saw its earnings grow to $1.1 million, a 70% increase since the fourth quarter of last year.
The earnings are significantly higher than in the first quarter of 1994, when the company had to take a $680,000 charge related to a change in tax status.
Cityscape did its first securitization in March. Earlier this month, it announced it had formed a joint venture to originate credit-impaired loans in the United Kingdom.