The lender began operations in early 2021
Toronto-based alternative lender First Mortgage LP has announced the appointment of the majority independent board of directors at its general partner First Mortgage GP, and the appointment of a strategic advisor to the board.
The board is comprised of five people, as follows: management appointees FMLP founder and CEO Raj Babber and FMLP president Faheem Tejani; and independent appointees Chris Taves, Neha Verma, and Tim Wilson.
“We are excited that Chris, Neha and Tim have joined First Mortgage GP’s board of directors and FMLP’s advisory committee,” Babber said. “We are already benefitting from their depth of experience in the Canadian financial and mortgage markets, as well their expertise in business oversight. We look forward to their continued contributions.”
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FMLP also announced that Daniel Drimmer of MCC Asset Management will be serving as strategic advisor to the board, and will be joining the advisory committee. Drimmer is also the founder, president, and CEO of Canadian real estate asset manager Starlight Investments.
“MCC’s management team has benefitted from Daniel’s counsel over the past eight years,” Babber said. “We are thrilled that he has agreed to this role with FMLP.”
Since it began operations in March, FMLP has funded at least 103 mortgages with a total value of approximately $65 million while experiencing no mortgage arrears. As of the end of September, FMLP’s portfolio stood at an aggregate value of $61 million and a weighted average credit score of 810.
