When it comes to residential construction lending, every large-scale project comes down to the people behind the project that help make it a success. In our Meet the Team series, we’re introducing you to the team behind the scenes — those prioritizing your business, finding the right solutions, and working hard to make sure your financing needs are met.
Aaron Forbes is a Senior Director based in the Central West office in Calgary and is one of the key members of our Development Finance Group. We had the chance to learn more about his role and experience as well as his perspective on what makes MCAP unique from its competitors.
Aaron, tell us about your role and your experience in the industry. MCAP was my first ‘office’ job straight out of university and, while I initially thought it was going to be a pit stop, I’ve been here now for over 15 years. From the first day on the job, I knew I was with great people and placed in a position to grow. Right from the start, I was in meetings with borrowers, hearing first-hand their views on the market, about their development plans, and helping to structure their financing needs. In my current role, I am involved in the origination and underwriting of construction loans for residential, commercial, and industrial assets. One of the best parts of my job is being involved with a client from the initial land purchase through to the final unit closing and helping a borrowers see their vision through. It’s also very rewarding to see projects you’ve worked on in your own community. An added benefit of working at MCAP is the exposure to so many other lender and investor partners. MCAP is a very collaborative lender, and this allows me to have great exposure to other organizations. These relationships have led to speaking engagements, board positions, and to me lecturing at a real estate development and finance course at the University of Calgary. |
Why should a client choose MCAP for their construction financing needs?
I think it really comes down to 4 pillars: employee expertise, team continuity, financing creativity, and deal execution.
Our team is a very seasoned group with annual volumes of over $750 M. This volume has provided invaluable experience in evaluating a deal and how best to get it done. Our core team has been together for an extended period and I think that benefits borrowers in that they are dealing with the same people who are familiar with their portfolio and needs. MCAP, I think uniquely, is a full-range lender allowing us to provide solutions well up the cost curve and I think our volumes and repeat borrowers business indicate our ability to execute.
What makes MCAP’s Development Finance Group unique?
MCAP’s ability to provide a range of leverage options is very unique in the market and something that separates us from most of our competitors. We offer 1st and 2nd mortgages as well as A/B facilities which help to meet a wide range of borrowers needs. This provides ‘one-stop shopping’ for our clients and helps us tailor each deal to the client’s specific needs for the project.
What is your approach to tackling difficult or complicated deals?
I think breaking down the main issues or challenges in a deal and looking at each part individually is the best way to tackle a complicated financing. There are often common elements in each deal that we’ve dealt with before and that can be applied to the current situation. That’s again where the group’s prior experience in terms of deals and volume really come in handy.
How do you and your team stay motivated throughout a deal?
I often prefer to work on deals with a stated deadline or closing requirement and find the time pressure both motivating and to be a unifying force for both the borrowers and lender to get a deal done and funded. Those are usually my favourite deals to work on.
Outside of that, I find motivation in helping clients achieve their vision for a development and bringing a project to completion.
How does MCAP’s Development Finance Group enable success?
As a company, we are very supportive of our clients and finding a way to get a deal done. That support is certainly top-down and that type of ‘can do’ attitude is pervasive throughout MCAP.
What is the best way for new clients to contact you?
I’m available by phone at 403-451-1197 or via email at aaron.forbes@mcap.com.
