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. 3d ago

    Ep.151 | The Weirdest Assets lenders will actually take

    Neal and Ryan are back for a fun one, this time cracking open the strange, sometimes sketchy world of unique lending. Most people think lending means mortgages, car loans, and business lines of credit, but the reality is that almost any asset with real ownership, verifiable value, and a viable exit can be borrowed against. In this episode, the guys walk through the assets that actually get pledged as collateral every day, including stocks, cryptocurrency, fine art, watches, jewelry, wine, classic cars, receivables, inventory, patents, and even goodwill. Along the way, Neal shares his skepticism on some of the market's more inflated corners, Ryan tells the wild true story of a $2 billion art thief who never sold a single piece, and the two get into the mechanics of how ultra wealthy collectors use their assets to unlock liquidity without triggering a tax bill. They wrap with a rapid fire round on what they would personally lend against, and the one form of collateral that keeps them both up at night. Show Notes 00:00 Cold open and podcast intro00:13 Neal's ongoing sleep struggle and watching his friends survive new parenthood02:24 Setting up the topic: what makes something good collateral04:34 Lending against stocks and investment portfolios05:19 How banks offer 100% leverage on certain investment products06:27 Would you rather lend on a diversified portfolio or a house?08:02 Lending against cryptocurrency and the volatility problem10:24 Fine art as collateral and the fraud risks behind valuations12:58 Ryan tells the true story of The Art Thief and $2 billion in stolen art15:07 Watches, jewelry, and gold: how influencers actually finance those Rolexes17:14 A private lending story: taking a Rolex as second mortgage collateral18:34 Fine wine as an investment grade asset class20:15 Classic cars and the case for and against a $50 million Ferrari24:03 Accounts receivable lending and invoice factoring25:24 How commission factoring works in real estate26:21 What makes good collateral: the five questions to ask every time28:11 Rapid fire: what would you actually lend against?32:22 Why goodwill and government down payment programs are quietly high risk33:29 Closing thoughtsResources: 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  2. Sep 9

    Ep.150 | RBC and BMO Just Sold Moneris to US Private Equity. Should Canadians Be Worried?

    Neal and Ryan hit a big milestone with Episode 150, and they're marking it with one of their most globally minded conversations yet. They kick things off with two massive Canadian deals that just crossed the wire: RBC and BMO offloading Moneris, one of the country's most important payment processors, to US private equity for $2 billion, and Air Canada selling a 25% stake in Aeroplan to Blackstone at a $10 billion valuation. The guys dig into what these deals actually mean for competition, consumer choice, and the quiet devaluation of your loyalty points. From there, they zoom out to the main topic: private credit as a global asset class. Now worth over $2 trillion, private credit looks very different depending on where you are in the world. Neal and Ryan walk through how the US, Europe, Asia Pacific, Australia, and Canada each carved out their own version of it, why Canada's market is heavily tilted toward real estate, and where the sector may be headed next. They close with a sharp take on why Canada is unlikely to ever mirror the US model, and why that might actually be a good thing for disciplined lenders. Show Notes 00:35 Episode 150 milestone and Neal's kiteboarding recap02:15 Setting up the main topic: private credit as a global asset class02:24 The Moneris sale and what it says about Canadian competition04:03 Why the real problem is concentration, not the buyer05:20 The Canadian monopoly problem: banking, telecom, and payments06:08 Air Canada sells 25% of Aeroplan to Blackstone at a $10B valuation08:07 Why loyalty programs are often worth more than the airlines themselves09:00 How private equity ownership could accelerate points devaluation10:05 The hidden business of loyalty: companies buying points in bulk10:29 What is private credit? The categories that make up a $2T market11:45 How the US came to dominate 65% of the global private credit market13:56 Europe: infrastructure, renewables, and cross-border lending17:15 Spotlight: United Wholesale Mortgage and the US private lending giants17:35 Asia Pacific: Australia, Singapore, Hong Kong, Japan, and India19:07 Canada's role: filling gaps rather than replacing banks20:05 Why Canadian private credit is structured around real estate21:31 Canada vs the US: mortgage-focused vs corporate-focused lending22:08 Is Canadian lending really conservative? A different view on debt loads24:08 Global trends: institutional capital, tech, higher rates, retail access26:21 Where private credit is heading and Canada's real opportunityResources: 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  3. Sep 2

    Ep.149 | Rising Broker Share, and Why Nvidia is Now Lending on Chips

    Neal and Ryan are back with a solo news roundup episode covering the biggest stories moving Canadian real estate, lending, and beyond. They kick things off with a wild data point out of Halifax: a brand new 291-unit downtown tower is sitting at just 20% leased, and what that could signal about vacancy risk creeping into REIT-owned portfolios across the country. Then they dig into new Mortgage Professionals Canada data showing broker share is climbing fast, hitting 38% overall and 48% among first-time buyers, with Quebec and Alberta leading the way and Atlantic Canada still lagging behind. From there, the guys pivot into a very different conversation: Nvidia has struck deals with major investment firms to borrow against its chip inventory, and Neal shares his theory on why tech could become the next major asset class for lending (with a bonus Taiwan conspiracy thrown in). They wrap with a quick take on Mortgage Automator's acquisition of Lendr, why AI is starting to disrupt the legal tech stack, and a preview of who's coming on the pod next. Show Chapters: 00:00 Cold open: broker share, tech lending, and Neal's electrolyte comeback01:00 Catching up: biking, Portugal, kitesurfing in Brazil, and Costa Rica villa recs04:12 The 291-unit Halifax tower that's only 20% leased07:55 Overbuilt on multifamily, undersupplied on single family09:58 Nova Scotia officially shifts into a balanced housing market10:14 Why sellers are finally starting to concede on price11:12 The ego problem in Canadian real estate12:26 MPC data: broker share hits 38% overall, 48% with first-time buyers13:29 Why younger buyers are ditching the bank branch experience15:16 Continuity of service: why the broker relationship wins long term16:32 Regional breakdown: Quebec, Alberta, Ontario, BC, and Atlantic Canada19:22 How the UK compares and what it would take to close the gap20:38 The education problem holding broker share back22:13 Nvidia is now lending against chip inventory23:32 Is tech becoming a viable asset class to lend on?26:03 Neal's Taiwan conspiracy and the coming tech inflation cycle28:28 Would you finance a phone on a 5 year loan?29:51 The future of wearables, headsets, and brain implants31:11 Mortgage Automator acquires Lendr in a major US play31:43 Will firms start building their own AI tech stacks?32:52 Preview: Jason Alexander of Automator coming on the podResources: 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  4. Aug 26

    Ep.148 | From 7 Employees to 400. Now He's Coming for the GTA Private Lending Market

    In this episode, Neal and Ryan sit down with Arees Jiwani, President of TM Investments. Arees walks us through his journey from the Ivey Business School to helping build one of Canada's most rapidly growing financial services groups, going from seven employees to over 400 in a decade. We dig into RFA's acquisition of Street Capital, the launch of TM Investments in 2024, and the group's unique capital structure backed by long-term institutional investors and a wealth management arm based in the Cayman Islands. Arees shares why permanent capital is the name of the game in today's private lending market, how TM Investments approaches AA and AAA deals in the competitive GTA space, and where he sees the biggest opportunity hiding in plain sight: the $3 to $4 million home segment in prominent Toronto neighbourhoods. We also cover bridge financing, blanket mortgages, creative deal structuring, and TM's ambitious plans to scale well beyond the $300M mark. Show Notes 00:00 Hosts' recap: big goals, permanent capital, and competitive GTA pricing01:30 Interview begins with Arees Jiwani02:13 From the Ivey Business School to RFA: the origin story04:00 RFA's growth story, from 7 employees to 400 in a decade05:39 The three gaps in the private market TM Investments was built to fill08:45 Breaking down the capital and infrastructure gaps in more detail09:44 Inside the Cayman Islands wealth management operation (Five Continents)12:06 The 20+ year investor relationships that anchor RFA13:09 The RFA and Artis REIT merger and TSX listing15:30 How TM Investments establishes truly permanent capital18:31 Why the LP structure won out over the MIC19:31 A walk through the RFA verticals20:55 Ideal borrower profile: business-for-self and bridge financing23:49 Underwriting the exit on bridge deals24:53 The case for blanket mortgages in today's market27:02 Beyond pricing: the step-up rate structure that wins deals30:22 Average mortgage term and payout timing32:05 The hidden opportunity in $3 to $4 million GTA homes37:14 Scale on their terms: the 3 to 5 year vision41:09 Opportunistic capital in a shrinking market42:56 Acquisitions as part of the growth playbook43:31 Bonus question: Flames or Leafs?45:11 Restaurant recommendations in Toronto and CalgaryResources: 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  5. Aug 19

    Ep.147 | The Truth About How Car Dealers Actually Make Money

    Neal and Ryan step away from mortgages to tackle a topic Neal has been waiting three years to talk about: cars. In this episode, they pull back the curtain on how Canadian car dealerships actually make their money and spoiler, it's not from the sticker price. From lender commissions and rate markups to negative equity, money factors, and 8-year amortizations, the guys break down every trick, tactic, and hidden margin baked into the modern auto financing process. They also compare Canada's auto lending environment to the U.S., U.K., and Australia (where regulators have already cracked down on dealer commission structures), talk about subprime auto lending, and dig into why the industry might be heading toward its own reckoning. Neal wraps things up with a bonus breakdown of the open-end lease structure he personally uses to finance his own vehicles, plus practical tips for using AI tools like ChatGPT to negotiate your next deal. Whether you're buying, leasing, or just trying not to get taken for a ride, this one's packed with insight and a healthy dose of frustration from a genuine car lover. Show Notes: 00:00 - Intro: Neal finally gets to talk cars01:31 - Where dealers really make their money (hint: it's not the car)02:47 - Why financing is always left to the end of the conversation04:21 - The big question: is the dealer finding you the best loan, or the most profitable one?04:53 - What is a "money factor" and why isn't it a legal APR?06:04 - How Canadian dealer financing actually works (banks, credit unions, captive lenders)07:31 - The subprime auto lending world and why it's different from private mortgages08:48 - Lender commissions, rate markups, and how dealers stack margin10:04 -The bait-and-switch: approved at 4.99, sold at 6.9912:11 - Warranties, GAP, tire and rim protection and who actually claims them13:08 - 0% financing decoded: the price is baked in14:24 - Negative equity, 8-year loans, and the coming auto lending Netflix special17:11 - How Canada compares to the U.S., U.K., and Australia19:36 - Consumer protection in Canada and the cooling-off period question22:48 - The must-ask questions before signing any auto loan23:22 - The rise of vehicle brokers who negotiate on your behalf24:20 - Bonus: Neal breaks down the open-end lease strategy he uses on his own cars27:20 - Key takeaways for your next vehicle purchase28:01 - Using ChatGPT as your negotiation copilot28:57 - Final thought: the number that actually mattersResources: 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  6. Aug 12

    Ep.146 | From Working at a Brewery to Running a $470 Million MIC - Greg Sinclair

    Greg Sinclair did not take a straight line into private lending. He went from teaching school in Ontario and the UK, to selling beer on the night shift at a local brewery, to building out the sales and marketing function for the Peterborough Petes in the OHL, to joining Magenta Capital when Covid shut down the sports world. He is now COO of one of the longest-standing MICs in Canada, a company founded out of a basement in 1994 that now manages $470 million in residential mortgages across Ontario. Ryan and Neal sit down with Greg to talk through what has kept Magenta disciplined for 32 years, why they built a $470 million book with zero commercial, zero construction, and never leaving Ontario, and what drove the decision to finally enter the GTA a year and a half ago. They also get into Greg's read on where the Canadian real estate market sits right now, why condos are likely still a couple of years from recovery, what AI actually looks like inside a private lender's operations, and why tightening bank regulation keeps sending better and better borrowers into the alt space. Plus career advice for anyone trying to break into the mortgage world, and some honest Leafs talk to close it out. Show Chapters: 2:07 Meet Greg Sinclair, COO at Magenta Capital  2:47 From Teacher to Brewery to OHL Analytics  7:21 Landing the Peterborough Petes Job  10:25 How Covid Led Greg to Magenta Capital  11:09 32 Years and $470M: How Magenta Got Here  13:36 The Decision to Enter the GTA  16:57 $470M AUM on 1,000 Residential Loans  17:19 Magenta's Products and Lending Parameters  22:38 Looking Three Years Ahead: What Magenta Is Building  24:29 Market Outlook: Near the Bottom or In It?  26:20 Atlantic vs Ontario: Two Very Different Stories  30:39 AI as an Accelerant, Not a Replacement  33:40 Why Alt Lenders Keep Taking Market Share  36:16 The Biggest Risk for MICs Right Now  38:44 Career Advice for Mortgage Professionals 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 ENROL IN THE CPL NEWSLETTER: http://eepurl.com/FIKgpXhSbH

  7. Aug 5

    Ep.145 | The Hands-off Investment That Pays 9% a Year

    Part two of the MIC series shifts from structure to strategy. Ryan and Neal make the case for why mortgage investment corporations have become one of the most compelling income investments for Canadians who have already won the real estate game and are looking for somewhere to put the proceeds. They break down where MICs sit in the investment spectrum (between government bonds and equities), who is actually investing in them (it skews heavily toward boomers and recently exited real estate investors), and why the 9.2% average returns in 2024 and 7.7% in 2025 are pulling in institutional capital alongside individual investors. They also go deep on the risks most people overthink: redemption gates, borrower default rates (around 2-3% in alternative lending), and what actually causes a MIC to blow up. Not every failure means investors lose money. Defaults are not the same as losses, and a fund that gates redemptions may be doing exactly what it should be doing. Neal runs through the questions every investor should ask before putting money into a MIC: average loan to value, property types, first versus second mortgages, portfolio diversification, how loans are sourced, historical default experience, and how experienced the management team actually is. Plus one red flag worth knowing: a MIC chasing rapid growth is almost certainly lowering its underwriting standards to get there. Show Chapters: 2:00 Today: The Investment Side of MICs 2:38 Where MICs Fit in the Investment Spectrum 5:11 The Compounding Math Nobody Talks About 6:32 GICs, Bonds, and Equities vs a MIC 10:02 Why Investors Love Monthly Income 13:09 Volatility Is Driving Investors Out of Equities 13:42 Who Actually Invests in MICs 14:19 9.2% Returns in 2024, 7.7% in 2025 15:36 Understanding the Real Risks 18:39 Redemption Gates Aren't a Red Flag 19:23 When MICs Have Failed or Struggled 21:20 Not All MICs Are Equal: What to Evaluate 24:57 Defaults Are Not the Same as Losses 28:16 Is a MIC Right for You? 30:00 Red Flag: Beware of Rapid Growth 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

  8. Jul 29

    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

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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
    151
  • Rating
    Clean
  • Copyright
    © 2026 Canadian Private Lenders’ Podcast
  • Show Website
    Canadian Private Lenders’ Podcast