Canada CRE Lending
Hey! I'm a new grad trying to break into CRE lending.
Anyone got any general thoughts (i.e culture, rep, comp, etc) on the following CRE Lending firms in Canada?
- CMLS Financial
- First National
Also, I'd really appreciate if you could drop more names of firms and your thoughts. Thanks in advance!
buddybuddy, shame nobody has responded. Maybe one of these topics will help:
More suggestions...
Fingers crossed that one of those helps you.
Also looking / bump
1. Big 5/6 Banks (aka Prime Lenders)
2. Alternate Lenders - HomeTrust, Equitable, First National, Laurentian, etc (these are usually more dumb money players imo)
3. Pensions (CPP RAC, Otera; believe others like omers, Hoopp, aimco have their RE teams do both debt & equity)
4. Insurance (Manulife, Sunlife / BGO)
5. Private Lenders (KingSett, Trez, Timbercreek, Peterson, Lanyard, Peakhill, Greystone / TDAM)
OP, this is a good summary. Canada ICI is another name I would add to the "alternate" lenders list.
Note that some of the alternative lenders (Canada ICI and CMLS Financial being the first that come to mind) also have mortgage brokerage arms that aren't doing lending themselves, so you need to make sure you understand the role you're applying for.
Canada ICI is a brokerage, they have a small private fund but its very small. CMLS you'll be working for an originator team most likely, so you'll be doing both direct lending deals and brokerage deals. You only get to work on brokerage deals if you're on origination side for analyst. Credit lending underwriter at CMLS only do lending deal underwriting for their $, not outside brokerage opportunities.
CMLS has low salaries - their intellifi arm had a posting for senior analyst 75k max for 2 years of experience ... First National probably slightly higher salary. Good reputation at both shops. Some more lenders: MCAP, ACM Advisors, All the large credit unions.
There is a public list of all approved lenders for CMHC (insured residential financing):
https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-…
Also just want to add lending experience and underwriting is fantastic experience if you do up to 3 years max. You can really go anywhere after, because you have traditional underwriting experience and training., i.e. you know exactly what documents you need, how to be conservative, when a deal smells funny, and most importantly... when stuff is missing! Like a tenant expiry date missing, or a missing expense such as significant capex.
You also get exposed to the closing process of a commercial deal from the legal side. Fantastic experience really.
These smaller details you might overlook on the brokerage side.
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