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Our History

In 1981, three independent investment bankers had a vision: to form an independent provider of financial solutions offering unparalleled expertise in certain chosen markets. MCAP's vision today - to be the first choice for financial solutions in our chosen markets - remains true to the original vision of our founders.

It started with the acquisition of a small trust company - Interior Trust - and it is here that the MCAP story begins. As you are about to see, over the next 25 years, as the vision gained momentum, everything changed and then changed some more - everything, that is, except the vision and the underlying values imparted by the three founders. These core values still guide MCAP today.

Here are some key dates in the history and evolution of MCAP:

  • April 1985: Interior Trust's early success attracts the attention of Waterloo, Ontario based Mutual Life of Canada - at the time, Canada's third largest insurance group - which acquires a 75% interest in the re-named Mutual Trust Company.
  • November 1991: Mutual Trust, through its wholly owned securities dealer, establishes a tax efficient Mortgage Investment Corporation called MTC MIC. Through a national prospectus, the MTC MIC offers shares to the public and is listed on the Toronto Stock Exchange.
  • October 1992: Mutual Trust acquires Focus National Mortgage Corporation which delivers many key people, including MCAP's current CEO, and provides the company with a major base of operations in British Columbia.
  • June 1993: Mutual Trust assumes responsibility for the national operations of Mutual Life's residential mortgage business and begins to manage, together with its own operations, the Residential Mortgage Division of The Mutual Group as single entity. Mutual Life laid the groundwork for this business reorganization in February 1993 when it acquired the minority interest in Mutual Trust from the founders to increase its ownership of Mutual Trust to 100%.
  • February 1997: MCAP Financial Corporation is incorporated as a wholly owned subsidiary of Mutual Trust and manages the Residential Mortgage Division of The Mutual Group.
  • January 1998: MCAP Financial Corporation sees an opportunity to re-position the residential mortgage operation as an independent entity which can originate, trade and manage assets not only for The Mutual Group but for a broad range of institutional investors as well. MCAP Mortgage Corporation and MCAP Service Corporation are formed and Bank of Montreal joins Mutual Life as a 40% equity shareholder in each business. MCAP Financial Corporation holds a 20% interest.
  • January 2000: MTC MIC merges with MCAP Financial Corporation, is re-named MCAP Inc., and continues as a publicly traded mortgage investment company. The commercial and new home construction mortgage origination and servicing business and the 20% interest in the residential mortgage businesses is continued by MCAP Inc. in a new wholly owned subsidiary which is named MCAP Financial Corporation.
  • August 2001: MCAP Financial Corporation acquires MTC Leasing, a Burlington, Ontario based equipment financing company.
  • February 2002: The Caisse de depot et placement du Quebec (CDP) enters into a partnership with MCAP Inc. and acquires a 50% equity interest in MCAP's commercial and construction business through a new entity called MCAP Commercial Limited Partnership (MCLP). MCLP acquires Canada ICI, the largest commercial mortgage brokerage operation in Canada.
  • April 2004: CDP rolls its own commercial and construction mortgage origination and servicing business into MCLP and increases its equity position in MCLP to 75%. MCAP Inc.'s equity position in MCLP is 25%.
  • March 2005: MCAP fully consolidates its own commercial and construction mortgage business with the operations of Canada ICI and the former operations of CDP in to its Real Estate Finance Group.
  • April 2012: MCAP purchases the remaining 80% interest in MCAP Service Corporation.
  • June 2012: MCAP acquires ResMor Trust Company’s mortgage operations and certain assets.

That is the story of how MCAP came to be one of Canada's largest independent real estate financing companies - and it is a real Canadian success story!

The enterprise now manages more than $61 billion in mortgage assets with annual new asset production of over $12 billion. With institutional shareholders/partners representing some of Canada's pre-eminent financial services companies, a clear and visionary strategic plan and strong brand equity, MCAP is a dynamic company which is still anchored today by the core values of its founders as it continues to grow.