Alternative mortgage lending boom fuels growth for nonbank
CMI Financial Group has reached a significant milestone in its private mortgage lending business, surpassing $1 billion in mortgage assets under management.
CMI chief executive officer Bryan Jaskolka said the achievement reflects the company's growth and the growing demand for private lending options in Canada as more borrowers turn to alternative financing options outside of traditional banks.
"We are incredibly proud to reach this $1 billion milestone, which reflects our team's hard work and the trust our clients and partners place in us," Jaskolka said in a press release. "Our continued growth is a testament to our unwavering commitment to innovation and excellence in the private mortgage lending and investment space."
Private lending has gained traction in recent years as a critical alternative for borrowers who don’t qualify for conventional bank loans. With stricter lending regulations and rising home prices, more Canadians are turning to non-bank lenders like CMI for financing options.
"Private lending plays a crucial role as a complementary market, offering transitional solutions for borrowers who may not meet traditional lending criteria," Jaskolka added. “At the same time, it presents an attractive alternative for investors seeking to reduce volatility and enhance returns in their portfolios."
This milestone follows a string of accolades for CMI’s business performance and leadership in the mortgage industry. The company earned a spot on the Report on Business 2023 ranking of Canada’s Top Growing Companies for the fourth consecutive year, placing 113th out of 425 companies.
Additionally, CMI was named the Canadian Mortgage Brokers Association (CMBA) of Ontario’s 2024 Lender of the Year, recognizing the firm’s ethical lending practices and its trusted role within the mortgage broker community.
Founded in 2005 as a family-owned mortgage brokerage, CMI Financial Group has grown into one of Canada's largest private mortgage investment providers, with nearly $3 billion in funded mortgages.
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The lender operates four interrelated divisions – CMI Canadian Mortgages Inc., CMI Mortgage Investments, CMI MIC Funds, and CMI Mortgage Servicing – that work together to manage private mortgages for brokers and investors.
"As we continue to expand our portfolio and enhance our offerings, CMI remains dedicated to bridging gaps in the financial landscape, providing flexible and accessible borrowing options to mortgage brokers and their borrowers, as well as compelling opportunities for investors," said Jaskolka.
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