Our Company combines loan origination, underwriting, and loan servicing into a seamless full service platform. The Company was formed in 1965 and achieved NHA/CMHC Approved Lender status in 1970. Montrose is now a DBRS rated primary servicer and rated special servicer. The servicing and origination functions are coordinated but operationally independent.
Under license agreements with Montrose Mortgage Corporation Ltd., the Montrose regional offices structure, underwrite, and fund approximately $2 billion annually in permanent, mezzanine and construction loans. Many of the originators within our national framework have 20 or more years of direct lending and mortgage banking experience, commencing their finance careers with banks, trust companies, life companies, or pension funds.
Montrose administers approximately $3 billion in loans on behalf of Canadian life insurance companies, Canadian and foreign banks, Credit Unions, trusts, CMBS issuers, pension funds, and private investors, located across Canada, the U.S., and Europe. Our company combines an unwavering commitment to service excellence and value added mortgage expertise with continual research, development and implementation of leading edge technology, best industry practices, and local/national intelligence to ensure that each and every loan is well researched and administered.
|Michael Nesbitt, Chairman and President, Montrose Mortgage Corporation Ltd.
resides in Winnipeg and has over 45 years of mortgage experience within the Canadian mortgage market.
Holly A. Dreger, Senior Vice-President, Montrose Mortgage Corporation Ltd. Holly joined Montrose in 1990 following a lengthy career with a major local life insurance company and is responsible for mortgage servicing and systems and all corporate matters across Canada.
R.J. (Jack) McDiarmid, Vice-President. Jack joined Montrose in 1990 and has been a Shareholder in Montrose Mortgage Corporation Ltd. since 1997. Jack resides in Calgary and is, in addition to his role as a Shareholder, managing partner of Montrose Calgary. He is responsible for all corporate matters relating to Southern Alberta.
Our Originators and Underwriters
Within our origination offices the needs of the borrower are paramount. The first step in our process is to fully understand the borrower’s needs. We then match them with our national knowledge base of lenders and generate options for consideration. Once our borrowers select the suitable option and formally engage us, we prepare a comprehensive Confidential Investment Memorandum (CIM) designed to satisfy the lender's due diligence and underwriting requirements as quickly as possible.
Transaction speed is critical to a funding and allows the borrower to be in a position to fix rate when deemed appropriate. Your financing requirements are discreetly and professionally distributed to all of our lender relationships that we have identified as most appropriate to finance your property. Our lending sources comprise a wide array of institutional and private mortgage investors, located across Canada, the U.S. and Europe and include life companies, credit unions, chartered banks, pension funds, and foreign banks. Access to a broad range of funding sources is crucial to securing financing with competitive terms and optimized loan structuring. Our due diligence, underwriting and analysis is designed to expedite the lender’s review and understanding of the financing request, saving our borrowers time, while minimizing interest rate risk, and covenant exposure.
Our business model is founded on the belief that competitive bid tension is necessary to ensure that the final loan options selected solely by the borrower are competitive and attractive. The final financing commitment and loan agreement must fully satisfy the borrower's needs and expectations in terms of loan amount, recourse, interest rate, amortization, and flexibility. Immediately following loan approval, we negotiate and customize the written commitment letter as the borrower's advisor and advocate.
Upon borrower acceptance of the financing commitment, we supervise and manage the closing process to ensure all conditions precedent to funding are fully satisfied in a timely manner. It is our objective to ensure that the loan is funded on an expedited basis and on time.
Within our servicing office in Winnipeg the needs of the Investor Lender are paramount. Montrose tailors investor reporting specifically to the requirements of each investor lender, utilizing our proprietary servicing platform, known as EMMA.
Loan administration services range from the issue of commitment letters, documentation oversight and administration of conditions precedent to funding, to matters such as loan assumptions, renewals, discharges, escrow management, annual reviews, property inspections, monitoring property tax payments, and ensuring property insurance coverage. Many institutional investors have out sourced their mortgage servicing function to Montrose to decrease investment administration costs.
As a mortgage administrator, Montrose’s role is that of a fiduciary to lenders; and it is our goal to act at all times in the interest of the investor lenders, while providing the level of service that borrowers expect and appreciate.