Podcast
Canadian Private Lenders’ Podcast
Hosted by Neal Andreino and Ryan MacNeil · EN
The #1 Podcast on Private Mortgage Lending in Canada. Ryan MacNeil and Neal Andreino of Keystone Capital Group outline their private mortgage lending experience and help you grow your mortgage business, while focusing on the importance of the growing Canadian Mortgage Broker channel.
16episodes
Episodes
Newest firstAll episodes
Ep.141 | Every Broker Needs to Know Alt Lending or Go Work at a Bank
3w ago00:56:30Tap to summarizeRyan sits down with the two founders of MCC Premiere Mortgage Centre, Sarah Albert and Sara Wright. They built one of Atlantic Canada's most recognized mortgage broker teams out of Moncton, NB, and are now expanding into Nova Scotia. This episode covers how they met, how they grew a fully salaried team with 12+ year tenure, and why they believe every broker needs to get comfortable in the alt and private space, or they may as well work at a bank. Sarah Albert breaks down why construction loans are simpler than most brokers think, how she compares private vs. CMHC costs side by side for clients, and what the Australian mortgage broker market could teach Canada about collaboration. They also get into the real ROI of social media, why it takes a year before you see results, and why consistency beats tactics every time.Chapters:1:09 Meet Sara Wright, From Bank Teller to Broker 3:27 How the Two Sarahs Met 5:16 Sarah Albert's Origin Story & How She Started Premier 8:05 The 70-Page Business Plan That Started It All 11:43 When They Rebranded to MCC Premiere Mortgage Centre 13:20 Growing the Team and Knowing When to Hire 16:57 Their Team Has Been Together 12+ Years 18:20 Expanding Into Halifax, Back to Basics 21:45 Halifax vs. Moncton: The Competition Is Fierce 23:40 Construction Loans Aren't as Scary as Brokers Think 28:27 Why Private Lending Is Often Simpler Than Bank Deals 30:50 Why New Brokers Need to Learn Alt & Private Early 33:45 There's Always a Deal, Mindset Shift for New Brokers 35:54 Alt Lending Builds Client Loyalty That Never Breaks 36:54 Alt as a Tax Planning Tool for Self-Employed Clients 38:55 Going All-In on Social Media and What They Learned 43:06 Consistency Over Tactics, No Magic Bullet 45:09 What They'd Change About the Mortgage Industry 47:04 The Australian Model: Broker Market Share at 80% 53:19 Bonus: Favourite Halifax Restaurant & Best Vacation DestinationResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.caFind MCC Premiere Mortgage Centre at:www.monctonmortgagebrokers.com
Transcribe →Ep.140 | AI-Generated Defences & Why Lenders Keep Losing in Court w/ Grechi Carter
Jul 100:45:34Tap to summarizeThe Grechi Carter team is back with a new addition, Amanda Deveaux, a 12-year litigation veteran and Ontario deputy judge who's taking over the firm's entire enforcement practice. Dave, Danielle, and Amanda break down what's really happening in Ontario mortgage enforcement right now: borrowers filing AI-generated defences to stall court proceedings into 2027, why lenders keep losing on fees and penalties, and how forbearance agreements and motions to strike can cut timelines down. They also cover what sets the best private lenders apart from the rest, Grechi Carter's new Etobicoke office, and why social media is becoming a real business driver, even in the legal space.Show Notes:1:14 Meet Amanda Deveaux - Newest Partner 3:48 Enforcement Growth & Commercial Expansion 7:24 How Long Does an Enforcement Actually Take? 8:07 AI-Generated Defences Are Stalling Courts Until 2027 9:38 Forbearance Agreements & Motions to Strike 11:16 What Counts as a Legitimate Defence 13:17 Fees vs. Penalties, Where Lenders Get Burned 16:17 Why Judges Keep Siding With Borrowers 19:17 Why Ontario Needs a Mortgage-Specific Court 33:18 What the Best Private Lenders Have in Common 37:14 Greg Carter Teaches Real Estate Law at U of T & Osgoode 40:44 Bonus: Restaurant Rec, Raptors & Leafs CornerResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
Transcribe →Ep.139 | $1 Billion, 40 People & Zero Gated Funds: Inside Canada's Biggest Public MIC
Jun 2400:44:08Tap to summarizeWhat does it actually look like to run a $1 billion mortgage portfolio with a team of 40? Phil Fiuza, Managing Director of Single Family at Atrium MIC, pulls back the curtain on one of Canada's largest and only publicly traded mortgage investment corporations.Phil started his career in 1988, right as real estate peaked and crashed, and has spent 30+ years learning how to survive every cycle. In this episode, he breaks down why Atrium went public in 2012 (hint: it's all about permanent capital), how they've kept 95% of their book in first mortgages, and why they're growing in Alberta and BC while staying disciplined in Ontario.If you want to understand how the biggest players in Canadian alternative lending think about risk, capital, and growth, this is the episode.Show Notes:1:32 - Meet Phil Fiuza & Atrium MIC 2:10 - His Career Started During the 1989 Crash 4:05 - How Today's Market Compares to the 90s 5:21 - Why Atrium Went Public - Permanent Capital Explained 7:12 - The Tradeoffs of Being Publicly Traded 10:10 - 71% Residential, 29% Commercial - Atrium's Book 11:46 - Growth Plans: Alberta & BC 13:09 - Defense First - Protecting Your Best Loans 16:03 - 95% First Mortgages & 87% GTA Focus 17:55 - How They Keep Winning First Position 19:17 - How Atrium Rewards Brokers 20:39 - Renewal Trends & Borrower Stress 27:33 - Moving to 2-3 Year Terms & Amortized Loans 29:14 - Atrium's Rate Range 31:50 - Canadian Economy Outlook - Condos, Construction & Inventory 35:51 - Most Impressive Moves From Competitors 37:21 - The LOC Product Phil Thinks Is Misleading Borrowers 39:56 - Bonus: Leafs, Jays & the Draft LotteryResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.caFind Phil on:LinkedIn: Phil FiuzaInstagram: @philfiuza
Transcribe →Ep.138 | $20K Down Loans, 50 Years of Lending & Rebranding the Industry w/ Dean Koeller
Jun 1700:18:57Tap to summarizeDean Koeller, President & CEO of Calvert Home Mortgage and Board Chair of CAMLA, joins Neal and Ryan live at the CAMLA Ontario Expo. In this episode, Dean breaks down Calvert's unique $20K-down flip and BRRRR program, how their in-house appraisal team gives real estate investors a genuine edge on after-repair value, and how they've been closing deals in 24 hours since before it was a selling point. We also get into the story behind CAMLA, why Dean went to 20 competitors to solve a compliance problem and ended up building Canada's national alternative lending association. Dean makes the case for why calling ourselves "private lenders" may be hurting the industry, what the 2025 CAMLA position paper means for regulators and consumers, and the real risks posed by unregulated lenders operating outside the system. Plus, he tells the hosts they might want to think about changing the name of this podcast.Show Notes:1:09 - Meet Dean Koehler & Calvert Home Mortgage1:41 - How Calvert Was Founded in 19753:48 - The $20K Down Flip & BRRRR Program5:19 - In-House Appraisals & the ARV Advantage8:32 - Why Dean Started CAMLA9:27 - Building a National Association11:17 - Alternative vs. Private Lending — Why the Distinction Matters12:47 - The Risks of Unregulated Lenders14:41 - Should We Change the Podcast Name?16:13 - New AML Rules & Advice for BrokersResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.caFind Dean on:E-Mail: dean@chmic.caLinkedin: Dean Koeller
Transcribe →Ep.137 | $400M AUM, Zero Principal Lost w/ Yitz Levinson
Jun 1000:35:10Tap to summarizeNeal and Ryan sit down with Yitz Levinson, President of Hillmount Capital, a Toronto-based private lender with over $400M under administration and 22 years in the business. Yitz shares how his background as a licensed insolvency trustee shaped the way Hillmount underwrites every deal: exit first, entry second. The conversation covers their unique MFT structure, how they flex across residential, commercial, and construction depending on market conditions, their approach to special situations and insolvency lending, and why Yitz is more focused on deal terms than competing on rate in today's aggressive market. If you want to understand how a sophisticated, long-running private lender thinks about capital preservation, risk, and the current economic climate, this is a must-listen.Show Notes:1:45 - From Accountant to Insolvency Trustee3:23 - How Hillmount Was Founded4:27 - The #1 Reason Deals Go Bad5:56 - Hillmount's Lending Profile7:21 - Construction Loans8:12 - What Differentiates Hillmount9:20 - Special Situation Lending11:07 - Speed, Direct Lending & the HiLOC12:30 - White Glove Service14:54 - MFT vs. MIC16:11 - Organic Investor Growth17:59 - Staying Disciplined on Rate & LTV18:15 - Preservation of Capital19:09 - Concerns About Today's Market21:49 - Tariffs, Recession & the Macro Picture22:23 - Warning Signs on the Street23:21 - Short-Term vs. Long-Term Loans24:13 - Are We in a Recession?25:33 - No Land Buying = Future Housing Shortage26:06 - Regional Market Breakdown28:06 - Bruised Credit Borrowers28:45 - Working With Borrowers in Distress30:14 - Mortgages Act Reform31:45 - Concerns About New Products in the Market32:46 - "We Underwrite the Story, Not the Box"Resources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
Transcribe →Ep.136 | How Leadout Capital Fills the Gap Between Banks and Private Funds
Jun 300:32:03Tap to summarizeRyan and Neal sit down with Brian Suta, Partner at Leadout Capital, live at the CAMLA Ontario Expo. Brian breaks down how Leadout operates as a corporate debt fund, lending to mortgage funds, MICs, and businesses that fall through the cracks of Canada's big banks. From borrowing base structures to a Winnipeg protein powder brand, it's a look at a corner of private lending most people don't know exists.Show Notes:0:00 - Intro live from CAMLA Ontario Expo 2:11 - Brian's background: CPA, Street Capital, RFA 4:19 - How Leadout Capital was born 5:23 - What Leadout does and who they lend to 7:02 - Portfolio breakdown: mortgages vs. corporate debt 8:07 - The gap in Canada's banking system Leadout fills 9:33 - How they structure loans to mortgage lenders 13:44 - Case study: Kaizen Nutrition in Winnipeg 17:11 - Pricing, underwriting, and security 18:59 - Fund structure: GP/LP and tax treatment 24:08 - Case study: Alberta fix-and-flip lender 26:49 - Market outlook and rate forecast 29:12 - Hamilton Marathon sponsorship + bonus: Brian's 2:51 Paris MarathonResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
Transcribe →Ep.135 | The Riskiest Loan in Private Lending
May 2700:41:02Tap to summarizeConstruction loans can be incredibly rewarding, but when they go sideways, they can turn your lending business into a project management nightmare. In this episode, Neal and Ryan break down why incomplete construction loans are the riskiest deals in private lending, sharing a real story from their own portfolio where two simultaneous builds went off the rails. They cover the critical decision every lender faces in default: sell as-is or complete the build, the red flags to watch for, and the internal tools and processes that have saved them from bigger losses.Show Notes0:07 - Cold open & intro5:15 - Amazon building a 1M sq ft warehouse in Halifax8:50 - What's the riskiest loan in private lending?10:02 - Real story: Keystone's two construction loans that went wrong13:37 - How secondary security saved them16:30 - Sell as-is vs. complete the build17:56 - Decision framework by completion percentage24:13 - Red flag: when your borrower goes silent26:02 - Ryan's biggest blow-up: fire + lapsed insurance on a 12-unit build28:33 - Active management & draw tracking37:10 - Key takeaways & best risk mitigation toolsResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
Transcribe →Ep.134 | How Private Lenders Should Handle Excess Capital
May 2000:34:47Tap to summarizeWhat happens when investor capital is flowing in, but strong deals aren't? In this episode, Neal and Ryan tackle one of the most underrated problems in private lending: having too much dry powder. They break down the dangers of forcing bad deals, the smartest ways to deploy (or hold) idle capital, and the levers you can pull on both the capital and deal-flow side of the business. Whether you're running a fund or operating as an individual lender, this one is packed with practical, hard-won insight.Show Notes:03:20 Setting the stage: when capital inflows outpace deal flow08:00 How excess capital leads to blown portfolios, the slow erosion of underwriting standards12:17 Option 1: Pay down leverage first (lines of credit, co-lenders)16:02 Option 2: Early investor redemptions, start with those already hinting at an exit21:22 Option 3: If you must redeem, prioritize newer investors over long-term sticky capital21:59 Option 4: Sit on the cash, painful, but better than losing it23:08 Generating more deal flow: broker relationships, targeted outreach, and niche clarity27:02 Liquidity forecasting: why most capital problems are really forecasting problems32:19 Key takeaways and closeResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
Transcribe →Ep. 133 | Scotty Wittrup on Alt Lending, Growth & Reputation
May 1300:56:58Tap to summarizeIn Episode 133, Ryan and Neal sit down with Scotty Wittrup, newly appointed VP of Network Development at DLCG, for a conversation that goes far beyond mortgages.From his early days in sales and brokering, to building a reputation across Canada’s mortgage industry, Scotty shares the lessons he’s learned about leadership, recruiting, credibility, and what truly makes a successful broker in today’s market.The episode dives into the evolution of alternative lending, the changing GTA real estate landscape, the realities of growing a national brokerage network, and why relationships still matter more than ever in this business.Plus: stories from Scotty’s East Coast roots, junior hockey days, nightlife adventures in Toronto, and his thoughts on where the mortgage industry is headed next.Show Notes:00:00 – Intro + post-interview recap with Ryan & Neal01:17 – Neal’s ankle injury story and opening banter03:21 – Scotty Wittrup joins the show03:55 – How Scotty got into the mortgage industry05:49 – His years with Mortgage Intelligence & INVIS06:07 – Joining DLCG as VP of Network Development09:16 – Why he made the move to DLCG11:04 – Recruiting brokers and identifying the right fit13:05 – What separates successful brokers from the rest17:13 – Understanding the DLCG / MCC / Mortgage Architects structure18:34 – The “ego” behind starting mortgage brokerages22:33 – Growing broker networks in Atlantic Canada25:30 – How Scotty evaluates where brokers fit within a brand28:03 – Why brokers are approaching larger networks today30:09 – GTA condo market struggles and pre-construction losses36:32 – Why every broker needs alternative lending solutions38:58 – Building long-term client loyalty through alt lending42:34 – The hardest part of building a mortgage career45:18 – The importance of presence, networking, and industry events48:34 – Scotty’s Dalhousie days and East Coast roots50:59 – Junior hockey stories and life in HalifaxResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.caScott Wittrup416-971-5534Scott.wittrup@mtgarc.ca"Choose a brand that fits you, What to look for when joining a brokerage"
Transcribe →Ep. 132 | Mid-Build, Out of Money: Construction-In-Progress Loans Explained
May 600:22:29Tap to summarizeConstruction loans are one of the fastest-growing products in private lending but what happens when a borrower runs out of capital halfway through a build? Ryan and Neal break down construction-in-progress loans: what they are, why borrowers end up needing them, and why banks won't touch a project once the shovel's in the ground. They walk through a real deal they funded in Charlottetown, P.E.I. a property 48% complete with a $675K as-complete value, covering the structure, the borrower profile, LTV management through the draw process, and what makes these loans work for both sides. If you're a broker or private lender who hasn't explored this product yet, this episode is for you.Show Notes:0:00:35 — Welcome & episode format0:02:23 — What construction-in-progress loans are and why banks won't help0:03:57 — Why borrowers run out of money mid-build0:09:57 — The Charlottetown deal breakdown0:12:14 — Borrower profile & credit challenges0:15:50 — Why private lending is the only option0:18:36 — Key takeaways for brokers & lendersResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: ryan@keycap.ca
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