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.
14episodes
Episodes
Newest firstAll episodes
Ep.139 | $1 Billion, 40 People & Zero Gated Funds: Inside Canada's Biggest Public MIC
1w ago00:44:08Tap 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
2w ago00:18:57Tap 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
3w ago00:35:10Tap 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
4w ago00:32:03Tap 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
Transcribe →Ep. 131 Debt Consolidation in Private Lending: Reset Tool or Risky Shortcut?
Apr 2900:30:02Tap to summarizeIn this episode of the Canadian Private Lenders Podcast, Ryan and Neil break down one of the most common and misunderstood use cases in private lending: debt consolidation.With rising interest rates and increasing consumer debt, more borrowers are turning to private lenders for solutions. But is debt consolidation actually helping, or just delaying the inevitable?The hosts walk through real-world examples, explain how private lending can reset a borrower’s financial position, and highlight the risks lenders need to watch for especially when behaviour, not just numbers, is the problem.Whether you’re a lender, broker, or borrower, this episode gives you a clear framework to understand when debt consolidation makes sense and when it doesn’t.Show Notes:00:00:00 – Why debt consolidation is becoming more relevant in today’s market00:02:35 – Recap: Private credit risks & market discussion00:11:34 – What debt consolidation actually means (simple breakdown)00:13:56 – Why it works: cash flow, interest savings, and simplification00:18:03 – Real deal example: $5,000/month → $4,600/month consolidation00:20:04 – Costs of private lending (rates, fees, trade-offs)00:21:00 – Why banks say no, and private lenders say yes00:22:06 – Risks for lenders: defaults, behavior, and exit strategy00:24:59 – Urban vs rural risk in debt consolidation deals00:26:14 – Final takeaway: debt consolidation is a reset, not a solutionResources: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. 130 The Legal Dream Team: The Lawyers Every Private Lender Needs
Apr 2200:25:43Tap to summarizeIn episode 130 of The Canadian Private Lenders Podcast, Ryan and Neal take listeners inside the legal ecosystem that keeps private lending businesses running smoothly. From corporate structuring to enforcement, discover the key players business lawyers, real estate lawyers, enforcement experts, and more who protect your deals, investors, and long-term success. Plus, the hosts share their take on Ontario’s development fee cuts and what it could mean for real estate markets nationwide.Show Notes:00:00 Ryan and Neal kick off episode 130 with some personal updates and light banter, Neal’s ankle injury, “prison workouts,” and recovery struggles.02:08 Hot topic: Ontario’s development fee cuts and housing market dynamics. The duo discuss government policy shifts, HST removal, and how these changes could impact construction activity and affordability.06:01 Introduction to the episode theme: the critical role of specialized lawyers in private lending and how they form a “legal ecosystem” behind every successful lender.08:51 Corporate and business lawyers: foundational setup for lending businesses. Ryan and Neal highlight shareholder agreements, tax structuring, and partnership alignment, plus the importance of spending wisely on legal fees.11:19 Real estate transaction lawyers: the daily deal enforcers. Discussion on loan documentation, mortgage registration, title searches, and why the paralegal handling your files can make or break a deal.15:36 Enforcement lawyers: when deals go bad. The hosts explore power of sale, receivership, and recovery strategies, emphasizing experience and speed.17:12 Securities and regulatory lawyers: securing your ability to raise capital through proper compliance, fund structure, and investor qualification.19:23 Additional legal specialists: tax, construction, insolvency, and employment lawyers. How each contributes to managing complex portfolios, large development projects, and staffing challenges.23:14 Final takeaways: you don’t need one great lawyer, you need the right lawyer at the right time. Private lending is legal-heavy, and preparation beats panic every time.24:09 Wrap-up banter: a humorous segue into AI (and “Claude the lawyer”), plus an acknowledgment that even the best legal advice isn’t a substitute for common sense.Resources: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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