Ryan Mortgage Income Fund Inc. was established in 1984 and since then has been offering its shareholders a simple and reliable stream of investment income, with an average rate of return of 9.57% over the past 5 years. The company specializes in private mortgage financing using primarily residential real estate as collateral. It offers investors a diversified portfolio administered by Mortgage Professionals. Through its focus on private mortgages in British Columbia, Alberta, Ontario, and Quebec over the past 10 years Ryan Mortgage Income Fund Inc. has grown to $683 Million.
Ryan Mortgage Income Fund is currently open for new investments – book a meeting here.

Investment objectives
- Earn our preferred shareholders a NET return of 9.50%.
- Maintain a weighted average Loan-to-Value (LTV) of less than 60% of the total mortgage portfolio.
Key investment policies
- All investments must be secured by mortgages.
- The loan to value on each individual mortgage investment is not to exceed 75%.
- All mortgages require an independent valuation by an accredited real estate appraiser.
- No individual mortgage investment is to exceed 10% of the total portfolio.
Tax treatment
The fund falls under Section 130.1 of the Canadian Income Tax Act. It is a flow through investment and as such, pays no taxes at the corporate level so long as it distributes 100% of its annual net income.
The fund distributes 100% of its annual profits to its shareholders in the form of dividends. These dividends are treated as T5 interest income for income tax reporting.
An investment in the fund is RRSP, RRIF, RESP and TFSA eligible, but can also be held in non-registered accounts.
Investment strategies
The fund is the largest purchaser of private mortgages from Alpine Credits Ltd. and Sequence Capital Ltd. The fund receives first look at all mortgages originated by Alpine. Because of the relationships with these mortgage origination entities, the fund receives a high volume of proprietary mortgage deal flow.
The fund maintains a line of credit with a major financial institution. The credit facility ensures the fund is fully invested at all times.
Fund Type: | Mortgage Investment Corporation (MIC) |
Fund Inception: | 1984 |
Minimum Investment: | $25,000 |
Most Recent Return: | 9.15% |
5 Year Average Return: | 9.57% |
Registered Plans: | Eligible for all registered plans |
Mortgage Type: | Residential (99%) / Commercial (1%) |
Total Number of Mortgages: | 5,427 |
Average Mortgage Size: | $129,000 |
Weighted Average LTV: | 52% |
Geographical Diversification: | BC, AB, ON and QC |
Assets Under Management: | $699 Million |
Line of Credit: | $250 Million |
Financial Services Fee: | 2.00% |
Insider Holdings: | $19.5 Million |
Auditor: | MNP, LLP |
Note: All information as of March 2023
Mortgage Size
Mortgage Maturity
Loan-to-Value
Geographic Composition

Executive Team

Arif Mulji, CEO Amur Financial Group
Arif joined Amur Financial Group in 2013 and took on the responsibility of overseeing sales, marketing and business development for the Group. As the Group has continued to hire a talented team, Arif is focused on strategy development and implementation for the organization and, driving sustainable growth for the Group of companies. Arif brings over 20 years of business experience and has held roles in sales, marketing, sales management, finance and management consulting. Outside of Amur Financial, Arif enjoys teaching in the Business faculties at the University of Calgary (until 2015) and at Douglas College. Arif obtained BSc and MSc degrees from UBC, an MBA (Finance and International Business) from the University of Calgary and the Chartered Professional Accountant designation (CPA, CMA) from CPABC. In his free time, Arif enjoys sports, reading and spending time with his family.

Steve Anderson, Chief Financial Officer
Steve joined Amur with over 20 years of professional experience working for both public and private companies including Westport Innovations, The Jim Pattison Group and KPMG. Steve has an MBA from UBC along with a Chartered Professional Accounting Designation (CPA, CA) with over 5 years auditing experience. Steve oversees all accounting, financial reporting, IT, cash flow management and financial management of the funds. Outside of work, Steve enjoys time with friends, trips with his family and a round of golf.

Mark Townsend, EVP Fund Management
Mark has many years of experience in investment banking, private equity, capital markets, corporate strategy and financial operations. In addition to his role as EVP Fund Management at Amur Financial Group (AFG), Mark is also Director of Turnham Green, a family office. He has been directly involved in over $2.5 billion of M&A and financing transactions and has experience working with companies in Canada and the US across a wide variety of industries. Prior to joining AFG, Mark most recently worked for Tricor Pacific Capital, a Vancouver-based single-family office, and previously worked in investment banking and M&A advisory at Cairn Merchant Partners and CIBC World Markets in Toronto. Mark graduated with Dean’s Honours from the Honours Business Administration (HBA) program at the Richard Ivey School of Business. Outside of work, Mark enjoys spending time with his wife, two children and dog, long rides on the bike and spending time in the great outdoors.

Jason Schoen, Senior Fund Manager
Jason has been with Amur Financial for a total of 19 years. He is a licensed mortgage broker joining the group originally under the Alpine Credits brand and has worked in a variety of positions including senior mortgage broker on the sales team, General Manager of Alpine Credits and currently works with the fund management team as a senior underwriter/risk manager. Away from the office, Jason enjoys spending time with family and friends, camping and barbequing.

Luke Doupe-Smith, Fund Manager
Luke joined Amur Financial Group in 2022. He is an experienced banking and finance professional with over 12 years of experience in Finance, culminating in a Business Advisory role with CIBC. Luke brings a background in analysis, underwriting, sales, relationship management, and risk management. Prior to finance, Luke completed his BA at UBC in Economics and Political Science. Currently, Luke is a Candidate with the Chartered Financial Analyst (CFA) Institute and is working toward completing his CFA designation. As a member of the fund management team, Luke puts his analysis, underwriting, and risk management skills to task in reviewing existing and new opportunities for our brands. Away from the office, Luke enjoys spending time with family and friends, baseball in the summer, snowboarding in the winter, and taking adventures in the world to see new places and experience different cultures.

Ricky Ogange, Fund Manager
Ricky joined Amur Financial Group in 2019. He is responsible for Underwriting and Risk Management, as well as special projects within Fund Management. Previously, Ricky served as a senior mortgage broker and lending specialist under the Alpine Credits brand. Besides a mortgage brokerage license, Ricky holds a Bachelor’s degree and post-graduate qualifications in development studies and information technology, project management, and international business management. In his free time, Ricky enjoys causal-comparative research, golf, and spending time with family.
Board of Directors

Kurt Wipp, President & Director
Kurt joined Amur Financial in 2005 and oversees the strategic direction of the group. Along with his brother Brent, he has been responsible for increasing the Group’s funds under management from $5 Million to $700 Million and expanding its operations across Canada. Kurt has over 25 years of business experience in roles involving investment banking, corporate strategy, international structured finance and board of director representation. During his career, Kurt has lived in Milan, Montreal, Auckland, Dallas and London (UK). He has an MBA from studies at the University of British Columbia and Università Bocconi (Italy) and a Joint Honors degree in Economics and Business from Simon Fraser University. In his free time, Kurt enjoys the outdoors, travel and spending time with his family.

Brent Wipp, Director
Brent has over 30 years’ experience in the peer to peer private loans industry and is one of the founding directors of Amur Financial. He acts as the Managing Director of the group and in his role has overseen the development of Amur Financial Group’s proprietary software and ensures the streamlined operation of the company. Along with his brother Kurt, they have been responsible for increasing the Group’s funds under management from $5 Million to $700 Million. Brent is a registered mortgage broker in both British Columbia and Alberta and has a Diploma of Technology from Selkirk College. In his free time Brent enjoys playing squash, travel, the outdoors and spending time with his family.

Kevin Budd, Director
Kevin is President of Pacific Southshore Ventures Inc., with investments in a number of private businesses. He is also President of Monashee Capital Corp; a firm that provides M&A advisory and general corporate finance advisory. Prior to this, Kevin was a Senior Officer and Vice President of Methanex Corporation whose responsibilities were leading transaction and capital markets activities. He holds an MBA from studies at the University of British Columbia and the London Business School (United Kingdom). Kevin also received an honors degree in Mechanical Engineering from Waterloo University.

Wade Nesmith, Director
Wade co-founded Creation Capital Corp. in 2018 and led that company through its acquisition of Greenlane Biogas in 2019, with the resulting company, Greenlane Renewables Inc., being listed on the TSX Venture Exchange. Greenlane is now listed on the main board of the TSX and Wade chairs the company. Wade founded Primero Mining Corp. in 2008, acting as CEO until 2010 and Chairman until 2018. He was founding Board member of Westport Innovations Inc. and Silver Wheaton Corp. and was previously Superintendent of Brokers (Executive Director) of the British Columbia Securities Commission (1989–1992), and then a senior partner, specializing in securities law with Lang Michener LLP (now McMillan LLP) (1993 to 1998). He has been a director of more than 20 companies since 1993. Wade obtained his LLB from Osgoode Hall Law School.
Click on the download buttons to download various documents.
Fund Fact Sheet
Investor Presentation
Offering Memorandum
Interim Financial Statements
Relationship Disclosure