Cameron Stephens Mortgage Capital

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Toronto, ON
Cameron Stephens Mortgage Capital

Leading non-bank lender in Canada in commercial mortgages and land, development, construction, mezz, & inventory loans.

Cameron Stephens Mortgage Capital is a leading non-bank institutional Real Estate Lender providing innovative financing solutions to our borrowers, and consistent risk-adjusted returns to investors. Founded in 2004, we have grown from a small private lender with $30 million under management, to an institutional lender with over $1 billion funded in land, development and construction loans. Current

ly, we manage over $400 million of institutional capital and $150 million in private capital. As a non-bank institutional lender, our mission is to underwrite and manage commercial mortgage investments that deliver fair, appropriate solutions to our borrowers, and first-class asset management to our investors. Our exceptional underwriting strategies are based on in-depth knowledge of real estate values, prudent lending practices, and regular monitoring of each loan’s performance. Each Cameron Stephens deal is subject to rigorous analysis that includes independent property inspections and appraisals, cost consultancy, environmental reports and a clearly-defined exit strategy.

05/27/2026

Deal of the Week #59 - Cameron Stephens Mortgage Capital Ltd. (“CSMC”) is pleased to announce the funding of a $35.7 million first mortgage construction loan for a 66-unit luxury for-sale townhouse development located in Canmore, Alberta. The project consists of three freestanding residential buildings and is being developed by an experienced sponsor with a strong track record of delivering residential projects across the Canadian Rockies region.

The Challenge: Securing High-Leverage Construction Financing in a Constrained Market

In today’s commercial real estate lending environment, securing flexible, high-leverage construction financing has become increasingly challenging, particularly for projects located outside major urban centres.

Despite the project being construction-ready with approvals in place, traditional lenders remained constrained by:
• Reduced risk appetite and lower leverage thresholds
• Limited flexibility around capital structure
• Slower underwriting and ex*****on timelines that did not align with the sponsor’s construction schedule

The Solution: Structured Capital Designed Around Ex*****on

CSMC delivered a financing solution that provided:
• 75% loan-to-cost financing
• Flexible structuring tailored to the borrower’s development timeline
• Recognition of embedded land value within the capital stack
• Speed and certainty of ex*****on through both commitment and closing

By leveraging strong presale momentum and surplus land value, CSMC was able to structure a solution that eliminated the need for additional equity, allowing the sponsor to proceed directly into construction without delay or dilution. This transaction reflects CSMC’s continued ability to provide creative, relationship-driven financing solutions in markets where experience, structuring expertise, and ex*****on certainty matter most.

MEET THE TEAM BEHIND THE DEAL

Roman Rogatko
Vice President, Origination

Kyle Yatabe
Vice President, Syndication

Phillip Seu
Associate, Origination

* Cameron Stephens Mortgage Capital Ltd. is licensed as a Mortgage Brokerage (Lic. #10769) and Mortgage Administrator (Lic. #11807) in Ontario, and is also licensed to operate as a mortgage brokerage in British Columbia, Alberta, and Manitoba.

www.cameronstephens.com

05/13/2026

We're proud to sponsor and take part in today's Edmonton Real Estate Forum, joining industry leaders for a comprehensive look into the trends, challenges, and opportunities shaping Alberta’s capital and driving its growth.

Cameron Stephen's own Katie Bonar, SVP Investment Management, will be speaking on the panel: "How lenders are navigating emerging trends, challenges, and adapting strategies in today’s market conditions". This comprehensive discussion will explore the availability of public and private debt and equity for Edmonton real estate through the lens of diverse lenders.

If you're attending the forum, be sure to stop by the session.

05/05/2026

Overview
Geopolitical tensions between Iran and the U.S./Israel continue to generate elevated rhetoric but limited action, reinforcing expectations that escalation risks remain contained despite ongoing volatility. Against this backdrop, Canada’s economy is facing renewed energy-driven inflation and persistent trade uncertainty. Growth remains modest but broadly on track, while the Bank of Canada has held rates steady and emphasized elevated uncertainty.

Inflation
Inflation pressures remained elevated, driven primarily by rising energy prices. Headline CPI reached 2.4% in March, with the Bank of Canada indicating inflation could approach 3% in the near term before moderating. Core inflation remains closer to target, allowing policymakers to look through the energy shock while remaining alert to broader pressures.

Monetary Policy
The Bank of Canada held its overnight rate at 2.25% in April, marking a fourth consecutive pause. Policymakers noted current settings remain appropriate if the economy evolves as expected, while highlighting that elevated uncertainty could require adjustments. Bond yields edged higher over the month, while the Canadian dollar remained relatively stable.

Growth
Economic activity expanded modestly in early 2026, with GDP growth resuming in Q1 following a Q4 contraction, supported by consumer spending and government outlays. Ongoing U.S. tariffs and trade uncertainty, including upcoming USMCA discussions, continue to weigh on exports and business investment. The Bank of Canada projects GDP growth of ~1.2% in 2026, rising to 1.6% in 2027. Higher oil prices provide only a limited net benefit.

Labour Market
Labour conditions remain soft but stable, with subdued hiring and employment growth. The unemployment rate rose to 6.7%, reflecting weaker demand and lower participation. While not recessionary, modest excess supply persists and is expected to normalize gradually.

Implications for Mortgage Lending
Stable policy rates support base rate stability, reinforcing the appeal of floating-rate, income-oriented private credit. Soft growth and constrained bank lending are driving demand toward non-bank lenders, particularly for refinancings and transitional financings. Conservative leverage, strong covenants, and structural protections remain well supported.
In this environment, disciplined capital deployment and structure—not market timing—will continue to separate performance.

04/27/2026

Deal of the Week #58 - Cameron Stephens Mortgage Capital Ltd. (“CSMC”) is pleased to announce the funding of a first mortgage to facilitate the acquisition of two Class A, LEED Gold-certified office buildings totaling more than 1.1 million square feet, located in Toronto’s established North Yonge Corridor.

The Opportunity | Institutional Office Assets with Lease-Up Potential:
The transaction involved acquisition financing for two institutional-quality office assets in a well-established North Toronto office submarket. One of the buildings includes meaningful vacancy, with the borrower planning to execute a lease-up strategy over time.

The financing required a lender capable of underwriting both the scale of the portfolio and the transitional component of the business plan. During the course of the transaction, elements of the purchase structure and capital stack evolved, requiring flexibility while maintaining alignment with investor underwriting parameters.

The Financing | Structured Capital and Reliable Ex*****on:
CSMC structured the first mortgage, drawing on a combination of institutional and private capital sources. Working closely with the borrower and capital partners throughout the process, CSMC remained engaged as transaction parameters evolved.

MEET THE TEAM BEHIND THE DEAL
Riccky Dasgupta, SVP & Managing Director, Broker
Marko Sijakovic – Vice President, Syndication, Agent Level 1

* Cameron Stephens Mortgage Capital Ltd. is licensed as a mortgage brokerage (Lic #10769) and administrator (Lic #11807) in Ontario

04/21/2026

In response to evolving market conditions, Cameron Stephens High Yield Mortgage Trust (CSMT) continued to actively position the portfolio toward higher credit quality.

First priority exposure increased from 46.4% at December 31, 2024, to 53.4% at December 31, 2025, reflecting a deliberate shift toward senior loan exposure. This progression highlights the benefit of active portfolio management and disciplined risk positioning, ensuring the portfolio remains resilient while continuing to generate stable income for investors. Through cycles, our focus remains consistent: protect capital, prioritize credit quality, and deliver stable income.

Cameron Stephens High Yield Mortgage Trust provides investors with an opportunity to invest in a diversified portfolio of mortgage investments primarily originated and underwritten by its manager, Cameron Stephens Mortgage Capital Ltd. . Established in 2004, the Manager is a leading Canadian non-bank commercial real estate lender with $3.5 billion of assets under administration. Over the past five years, the Manager has issued approximately $7.7 billion in loan commitments.

For more information contact George Ganas, MD Head of Distribution. [email protected]

04/16/2026

We're excited for today's Canadian Alternative Investment Forum, joining leading industry professionals and active allocators for a full day of timely insights, thoughtful discussion, and high-value networking.

Our own Katie Bonar, SVP Investment Management, will be speaking on the panel: "Private Mortgage Lending in Canada's Current Economic Landscape".

If you're attending the forum, be sure to stop by the session, as well as the Cocktail Reception sponsored by Cameron Stephens.

04/13/2026

Consistency is one of the strongest indicators of quality — and Cameron Stephens High Yield Mortgage Trust (CSMT) continues to deliver.
• Posted 8.89% (2yr), 9.43% (3yr), and 9.13% (4yr) annualized returns.
• Each of these results exceeds the universe medians reported by GMR.
• Demonstrates the longterm value of prudent underwriting and proactive loan management.

A performance story built on discipline and expertise.

Global Manager Research (GMR) provides independent research and due diligence on investment managers across the Canadian mortgage and private credit universe, helping institutional investors identify high-quality lending platforms. Cameron Stephens High Yield Mortgage Trust focuses on capital preservation, aiming to deliver stable, consistent returns through a diversified mortgage portfolio with managed risk.

For more information contact George Ganas, MD Head of Distribution. [email protected].
source:https://gmr.ca/ipr/202601.pdf

*Total return is based on reinvestment of distributions (“DRIP return”) and assumes all income distributions were reinvested.

04/08/2026

Today we had the privilege of welcoming Florence Brunelle and Courtney Sarault, two Olympic medalists from Team Canada’s short track program, to Cameron Stephens for lunch with our team.

Florence and Courtney returned from the Milano Cortina 2026 Olympic Games with multiple medals and remarkable achievements on the world stage. Beyond the podium, their stories reflect something deeper — the discipline, resilience, and relentless pursuit of improvement required to compete at the highest level.

At Cameron Stephens, we see many parallels between elite sport and high-performance business. Success is rarely accidental. It is built through preparation, teamwork, and a commitment to excellence over the long term.

As a proud supporter of the Canadian Olympic Foundation, we are honoured to play a small role in helping Canadian athletes pursue their Olympic dreams and represent our country on the world stage.

Thank you to Florence and Courtney for spending time with our team and sharing insights from their journey to Olympic success.

04/07/2026

Deal of the Week #57 - Cameron Stephens Mortgage Capital Ltd. (CSMC) is pleased to announce the funding of a $22.0 million, 24-month, interest-only first mortgage refinancing facility secured by a newly constructed banquet, conference and hospitality asset located in Ajax, Ontario. The financing refinances in-place construction debt and a vendor take-back mortgage, providing the borrower with term certainty and runway to stabilized operations.

The Challenge | Stabilization of a Newly Delivered Hospitality Asset

The borrower required a structured take-out solution following construction completion that balanced conservative leverage with operational flexibility. As a newly opened convention centre, the transaction required lender comfort around early-stage bookings, ramp-up risk, and cash flow volatility, while also recognizing the value of experienced operators and embedded future development upside across the broader site.

The Solution | Thoughtful Structuring with Downside Protection

CSMC structured a $22.0 million, fixed rate interest-only 1st mortgage bridge loan with a 24-month term. The facility is secured by the completed convention center and the surrounding residual development lands, providing strong collateral coverage. The structure incorporates conservative leverage, a fully funded operating reserve, and enhanced reporting covenants providing insight on the path to full stabilization.

Why This Deal Matters

➡️ Newly Built Institutional-Quality Asset: Purpose-built, modern banquet facility designed for large-scale weddings, corporate events, and trade shows.
➡️ Demonstrated Early Operating Traction: 100s of events booked within months of opening, validating market demand ahead of full stabilization.
➡️ Experienced Sponsorship & Operators: Ownership and management team with decades of convention centre and hospitality operating experience.
➡️ Layered Exit Strategy: Stabilize and refinance the banquet hall, capture upside from future hotel and mixed-use development parcels, and retain optionality for partial or full monetization.
By delivering structured, relationship-driven capital, CSMC continues to support experienced sponsors with tailored financing solutions that provide certainty, flexibility, and long-term value through transitional phases of the real estate cycle.

MEET THE TEAM BEHIND THE DEAL
Conor Soye, Senior Director, Origination, Agent Level 2
Kyle Yatabe, Vice President, Syndication, Agent Level 1
Marko Sijakovic, Vice President, Syndication, Agent Level 1
Dana Davis, MBA, Vice President, Credit, Agent Level 1

* Cameron Stephens Mortgage Capital Ltd. is licensed as a mortgage brokerage (Lic #10769) and administrator (Lic # 11807) in Ontario. www.cameronstephens.com

04/06/2026

The latest GMR Institutional Performance Report highlights an outstanding year for the Cameron Stephens High Yield Mortgage Trust (CSMT).
☑️ Achieved a 7.46% 1-year return, placing the fund firmly in the top decile of the Canadian Mortgages universe.
☑️ Outperformed category medians across every major time horizon.
☑️ Reinforces the strength of our disciplined focus on first mortgages in residential land, development, and construction.
A proud milestone for our team and investors.

Global Manager Research (GMR) provides independent research and due diligence on investment managers across the Canadian mortgage and private credit universe, helping institutional investors identify high-quality lending platforms. Cameron Stephens High Yield Trust focuses on capital preservation, aiming to deliver stable, consistent returns through a diversified mortgage portfolio with managed risk.

For more information contact George Ganas, MD Head of Distribution. [email protected]

Source:https://gmr.ca/ipr/202601.pdf

*Total return is based on reinvestment of distributions (“DRIP return”) and assumes all income distributions were reinvested.

Address

320 Bay Street, Suite 1700
Toronto, ON
M5H4A6

Website

http://www.cameronstephens.com/

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