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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.