First Mortgage LP (FMLP)
Ontario limited partnership · Residential
Managed by Capital Asset Lending Inc.
Data as of: September 5, 2024
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
About the fund
First Mortgage LP is an Ontario limited partnership investing exclusively in residential first mortgages secured by single-family properties, primarily in the Greater Toronto Area. It targets prime and super-prime borrowers with Equifax credit scores of at least 680 and limits each mortgage to a maximum loan-to-value ratio of 75%. Its objective is capital preservation and consistent monthly distributions.
At a glance
| Assets under management (AUM) | $1.2B CAD |
| First mortgages | Primarily |
| Property focus | Residential (100%) |
| Structure | Ontario limited partnership |
| Investor access | Available to individual investors |
Portfolio & performance
The portfolio is composed of residential mortgages (100%).
| Property Type | Share (%) |
| Residential | 100% |
First Mortgage LP (FMLP) has a focus on Ontario, with 100% of its mortgages located in Ontario.
| Province/Region | Share (%) |
| Ontario | 100% |
Fund facts
| Structure | Ontario limited partnership |
| Managed by | Capital Asset Lending Inc. |
| First mortgages | Primarily |
| Leverage | Leveraged |
| Latest data | September 5, 2024 |
Additional fund details
The reported $1.2 billion in AUM is combined across First Mortgage LP and Mortgage Company of Canada Inc. and should not be interpreted as FMLP’s standalone fund size. The fund invests exclusively in residential first mortgages secured primarily by single-family homes in the Greater Toronto Area. It targets prime and super-prime borrowers and limits individual mortgages to a maximum loan-to-value ratio of 75%. The fund may use leverage, subject to a maximum debt-to-equity ratio of 2.2:1 under its credit agreement. Capital Asset Lending may receive a mortgage purchase premium of up to 0.5%, retain certain borrower and servicing charges, and generally keep up to 75% of lender fees. The fund also pays an administrative fee of up to $10,000 per year.
Investor access
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $50,000.
The minimum investment amount through an advisor or dealer is $50,000.
About the manager
Capital Asset Lending Inc. is a Markham, Ontario-based licensed mortgage originator and administrator established in 2009. As of April 30, 2026, the firm reported $1.2 billion in assets under management, 11,288 mortgages funded and $5.1 billion in mortgages funded since inception. Its investment vehicles focus on mortgages secured primarily by affordable single-family homes in the Greater Toronto Area and other urban Ontario markets. Capital Asset Lending originates, services and administers mortgages for its investment vehicles, while securities are distributed to eligible investors through dealing representatives at Waverley Corporate Financial Services.
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