The announcement follows the recent launch of its mortgage trading platform
HRU Financials and its subsidiary HRU Mortgage Investment Corporation (HRU MIC) have secured a significant credit facility of $10 million from a private equity firm.
“We are thrilled to have the support of a renowned private equity firm that will allow us to continue our mission of delivering the best possible return on investments for our shareholders while delivering excellent customer service,” said Patrick Lam, chief executive officer of HRU MIC.
“The $10 million credit facility demonstrates our company’s rapid growth and dedication to providing top-tier lending services backed by strict regulatory compliance, policies and procedures."
Read next: Non-bank lender to launch mortgage trading platform
Established in 2016, HRU MIC is an alternative mortgage investment provider and lender. As one of Canada’s exclusive non-bank lenders, HRU MIC has a diverse mortgage portfolio in the Greater Toronto Area, with a typical loan having an interest rate of 7.5% to 10% per annum.
Earlier this month, HRU MIC broke into the fintech space with ClearLending, a mortgage trading platform for clients who want to learn and invest with complete transparency. The platform will be available for pilot testing in Ontario, with other markets to follow.
