TORONTO, Sept. 30, 2024 /CNW/ – Spartan Fund Management (“Spartan”) has partnered with Capital Asset Lending Inc. (“CAL”), a leading private residential mortgage administrator based in the Greater Toronto Area (“GTA”), to launch a new fund that will give retail and institutional investors access to CAL’s actively managed portfolios of residential mortgages.
Capital Asset Income Fund (“CAIF”) provides exposure to the mortgages held by each of Mortgage Company of Canada Inc. (“MCOCI”) and First Mortgage LP (“FMLP”), which launched operations in 2013 and 2021 respectively. CAIF intends to invest substantially all of its assets in MCOCI and FMLP.
MCOCI is one of the largest private residential mortgage investment corporations (“MICs”) in Canada, with over $1 billion under administration comprised entirely of residential mortgages on single-family dwellings in Ontario. FMLP is a limited partnership that currently invests exclusively in first mortgages in Ontario but has the ability to lend in the Greater Vancouver Area (“GVA”) as well. Both MCOCI and FMLP are focused on borrowers who have the necessary credit score to qualify with a bank or trust company but do not meet federally mandated requirements for income.
“We are pleased to add CAIF to Spartan’s alternative investment line-up,” said Gary Ostoich, President of Spartan Fund Management. “Capital Asset Lending is one of the major players in this sector and we are excited to offer a residential mortgage fund to retail and institutional investors.”
“We are thrilled to be working with Spartan, one of Canada’s leading providers of alternative investment solutions, to bring this new vehicle to market,” said Raj Babber, CEO of Capital Asset Lending Inc.
Availability
CAIF is available in Class A, Class F, and Class I Units to accredited investors or otherwise qualified purchasers. Interested purchasers are advised to read CAIF’s offering memorandum and consult with their investment advisor. This content is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy any security.
About Spartan Fund Management Inc.
Spartan, established in 2006, is a Toronto-based investment management company that specializes in providing, through pooled funds, a broad selection of alternative investment solutions that meet a variety of investment needs. Spartan believes that alternative investment strategies can provide better risk-return opportunities for investors than do conventional strategies. Spartan also believes that niche, non-conventional investment strategies tend to outperform more traditional strategies and/or add needed diversification. Spartan’s clients primarily consist of high-net-worth individuals and family offices who access Spartan’s funds directly or through registered advisors. Spartan currently manages in excess of $1.8 billion in client assets.
To learn more about Spartan, please visit www.spartanfunds.ca.
About Capital Asset Lending Inc. (“CAL”)
CAL is a licensed mortgage administrator incorporated under the laws of Ontario in February 2009. Guided by a common-sense approach to lending, CAL provides mortgage origination, underwriting, and administration services to MCOCI and FMLP.
MCOCI is a mortgage investment corporation incorporated in August 2013. MCOCI invests in single-family mortgages located primarily in the GTA. MCOCI’s independent board members are James Garcelon [President and Chief Compliance Officer at Forstrong Global Asset Management], Brian Johnston [Former Chief Executive Officer of CreateTO], and Tammy Oldenburg [Former Chief Financial Officer of Credit Suisse Canada], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].
FMLP is an Ontario limited partnership formed in March 2021. FMLP invests exclusively in first mortgages on single-family homes, including high-rise condos, to super prime borrowers in urban areas, primarily the GTA. FMLP’s general partner’s independent board members are Chris Taves [Special Advisor to BMO Capital Markets CEO and Executive Committee], Neha Verma [Canadian Head, Client and Capital Formation at TPG], and Tim Wilson [Chief Financial Officer of Peoples Group], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].
For further information on MCOCI or FMLP, please visit www.capitalassetlending.com
SOURCE Capital Asset Lending Inc.
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