Canadian Private Lenders’ Podcast

Neal Andreino and Ryan MacNeil
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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. 

  1. 2d ago

    Ep.144 | Canada's Big Banks Are Getting Rich Off Your Savings

    Most Canadians think mortgages only come from the big six banks. They're wrong, and it's costing them. In part one of a two-part series, Ryan and Neal break down what a Mortgage Investment Corporation actually is, how it works, and why it exists in the first place. They cover the borrowers banks turn away, how non-bank lenders get their capital, and why Canadian MICs are nothing like the Big Short. They dig into the numbers from Wawa's research: the top 43 mortgage investment entities manage nearly $38.5 billion in assets, delivered 9.2% weighted average returns in 2024, and yet still represent only 4% of Canada's total mortgage market. Compare that to the UK, where non-traditional lenders now account for 60% of gross mortgage lending. They also break down what causes a MIC to blow up, why the biggest players are built to survive a downturn, and the uncomfortable truth about what your bank is actually doing with your savings account. Show Chapters: 4:56 Today: What Is a MIC (Part 1 of 2) 6:09 Why Canadians Only Think of the Big 6 7:14 The Borrowers Banks Turn Away 10:44 Why Canadian MICs Aren't the Big Short 11:00 What a MIC Actually Is 13:30 What Causes a MIC to Blow Up 15:36 MIC vs Broker vs Bank 16:12 Who Actually Borrows From a MIC 18:39 $38.5 Billion Managed by the Top 43 19:22 MIC Returns: 9.2% in 2024 20:45 MICs Are Only 4% of the Mortgage Market 21:41 The UK Has 60% Non-Traditional Lending 23:32 Banks Give You 2% While Lending Your Money at 9% 25:47 Why Big MICs Will Survive the Downturn 29:39 How a MIC Expands Through Acquisition Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca

  2. Jul 22

    Ep.143 | Building a Real Estate Portfolio Buying Buildings No One Wanted

    Episode 143 marks a milestone: CPL has officially passed the total episode count from Neal's old Master Keys podcast. To celebrate, Ryan turns the mic on Neal and runs him through a real estate investing Q&A. Neal started buying property at 19, picking up fully vacant, boarded-up, and fire-damaged buildings in Halifax that nobody else wanted. He breaks down the value-add strategy that made him the most money, the cash crunches that nearly broke him, and why losing relationships worried him far more than losing money. He also covers how he stumbled into private lending, why the rates and fees never scared him, and what he would actually do starting with $50,000 today. They also get into which pre-COVID investing principles still hold in this market, why vendor take-back mortgages are starting to come back, how overleveraging kills investors who are doing everything else right, and what Canadian real estate looks like in ten years if fertility rates keep falling. Chapters: 0:35 Passing the Master Keys Podcast Episode Count  2:22 Real Estate Investing Q&A with Neal  3:07 The Investing Belief He No Longer Holds  5:28 How the Forbes List Started It All  7:22 The Strategy That Made Him the Most Money  9:56 Cash Crunches: Rich on Paper, Broke in Real Life  12:16 Why Relationships Stressed Him More Than Money  13:18 Why Starting Young Made All the Difference  15:10 What He'd Do With $50K Today  18:30 Can You Still Build That Portfolio Today?  20:49 Vendor Take-Back Mortgages Are Coming Back  21:00 How Neal First Discovered Private Lending  23:54 Investing Principles That Never Change  25:11 Cash Flow in a Market That Doesn't Cash Flow  26:12 The Overleveraging Trap  28:50 Canadian Real Estate in 10 Years Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca

  3. Jul 15

    Ep.142 | Private Lending Is Older Than Canada's Big Banks

    Most people think of private lending as something new. It isn't. In this episode, Ryan and Neal trace the complete history of private lending in Canada, from the handshake loans of the pre-WWI era to the creation of Mortgage Investment Corporations in the 1970s, through the mortgage broker boom of the 80s and 90s, the stress test of 2016 to 2018, and the pandemic explosion that followed. They break down how MICs were designed to democratize mortgage investing for everyday Canadians, why the structure is uniquely Canadian and doesn't exist anywhere else in the world, and how securitization let the big banks squeeze out individual lenders for decades. They also get into where things are heading: more institutional capital entering the space, tighter regulation, and AI starting to reshape how mortgage applications get processed. A must-listen if you want to understand the full arc of an industry that has been quietly solving problems banks won't touch for over 100 years. Chapters: 2:39 Why We're Covering Private Lending History 6:01 Before the Big Banks: Lending Pre-WWI 7:44 The Borrower Profile That Never Changed 8:05 Banks Were More Conservative Back Then 10:24 Why MICs Were Created in the 1970s 11:00 How a MIC Actually Works 14:23 MICs Are Uniquely Canadian 15:04 When Mortgage Brokers Changed the Game 17:37 When Housing Became an Asset Class 20:03 The Stress Test That Changed Everything 23:32 Was Growth Need-Driven or Lender-Driven? 26:29 The Pandemic Boom: 2020 to 2022 28:57 Private Lending Today: More Sophisticated Than Ever 33:54 Future: Institutional Capital and Regulation 34:26 AI Is Coming for the Broker Space 38:31 Where Private Lending Goes from Here Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca

  4. Jul 8

    Ep.141 | Every Broker Needs to Know Alt Lending or Go Work at a Bank

    Ryan 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 Destination Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca Find MCC Premiere Mortgage Centre at: www.monctonmortgagebrokers.com

  5. Jul 1

    Ep.140 | AI-Generated Defences & Why Lenders Keep Losing in Court w/ Grechi Carter

    The 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 Corner Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca

  6. Jun 24

    Ep.139 | $1 Billion, 40 People & Zero Gated Funds: Inside Canada's Biggest Public MIC

    What 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 Lottery Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca Find Phil on: LinkedIn: Phil Fiuza Instagram: @philfiuza

  7. Jun 17

    Ep.138 | $20K Down Loans, 50 Years of Lending & Rebranding the Industry w/ Dean Koeller

    Dean 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 Mortgage 1:41 - How Calvert Was Founded in 1975 3:48 - The $20K Down Flip & BRRRR Program 5:19 - In-House Appraisals & the ARV Advantage 8:32 - Why Dean Started CAMLA 9:27 - Building a National Association 11:17 - Alternative vs. Private Lending — Why the Distinction Matters 12:47 - The Risks of Unregulated Lenders 14:41 - Should We Change the Podcast Name? 16:13 - New AML Rules & Advice for Brokers Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca Find Dean on: E-Mail: dean@chmic.ca Linkedin: Dean Koeller

  8. Jun 10

    Ep.137 | $400M AUM, Zero Principal Lost w/ Yitz Levinson

    Neal 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 Trustee 3:23 - How Hillmount Was Founded 4:27 - The #1 Reason Deals Go Bad 5:56 - Hillmount's Lending Profile 7:21 - Construction Loans 8:12 - What Differentiates Hillmount 9:20 - Special Situation Lending 11:07 - Speed, Direct Lending & the HiLOC 12:30 - White Glove Service 14:54 - MFT vs. MIC 16:11 - Organic Investor Growth 17:59 - Staying Disciplined on Rate & LTV 18:15 - Preservation of Capital 19:09 - Concerns About Today's Market 21:49 - Tariffs, Recession & the Macro Picture 22:23 - Warning Signs on the Street 23:21 - Short-Term vs. Long-Term Loans 24:13 - Are We in a Recession? 25:33 - No Land Buying = Future Housing Shortage 26:06 - Regional Market Breakdown 28:06 - Bruised Credit Borrowers 28:45 - Working With Borrowers in Distress 30:14 - Mortgages Act Reform 31:45 - Concerns About New Products in the Market 32:46 - "We Underwrite the Story, Not the Box" Resources: Keystone Capital Group CPLP Instagram: @cplpodcast Keystone Instagram: @keycapgroup Find Neal On: Instagram: @neal.andreino LinkedIn: Neal Andreino Find Ryan on: LinkedIn: Ryan MacNeil E-mail: ryan@keycap.ca

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About

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. 

Information

  • Creator
    Neal Andreino and Ryan MacNeil
  • Years Active
    2023 - 2026
  • Episodes
    144
  • Rating
    Explicit
  • Copyright
    © 2026 Canadian Private Lenders’ Podcast
  • Show Website
    Canadian Private Lenders’ Podcast

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