Jon Daurio returns to mortgage industry
In May 2011, nonperforming loan investor Kondaur Capital said CEO Jon Daurio left the company.
After "taking the year off and letting the non-compete dissolve," Jon Daurio is back in the mortgage business. This time he's on the lending side.
Daurio is currently raising financing for his Orange County-based Nikkeal Capital Corp. The title of the company is an amalgamation of his children's names: Nikki and Michael.
Nikkeal will soon be originating prime, non-conforming mortgages, likely on jumbo properties, Daurio said.
This is the area of the mortgage business Daurio sees the most opportunity. He believes the same type of investors in Kondaur bonds will likely be interested in his future securitizations of Nikkeal product.
"Those bond buyers recognize my expertise to accurately access and mitigate risk," Daurio said. When pressed if that last statement is a shot as his former employer, Daurio denied any bad blood.
"The vast majority who work [at Kondaur] are friends and family hired by me," Daurio said. "I still hold a significant investment in Kondaur."