When it comes to your development project or new construction venture, you want to know that your financing partner has the knowledge and experience needed to get the job done seamlessly.
In our Meet the Team series, you’ll be introduced to valued members of MCAP’s Development Finance Group to allow new, existing, and prospective clients to get to know the team responsible for making their project a success!
Michael Misener has been with MCAP on and off for the past 25+ years, breaking once to take a position as Chief Investment Officer with one of MCAP’s partners, MCAN Mortgage Corporation and then again to lead a small bank as President and CEO. Having grown up in development finance and enriched his expertise with executive experiences, Michael is considered a true subject matter expert and leader in construction financing. Today, as Managing Director for MCAP’s Development Finance Group, Toronto branch, Michael is responsible for setting the origination strategy and managing everything from underwriting to account management to the origination team in Toronto. He is also actively growing the portfolio by developing new investor relationships and nurturing existing partnerships, with the ultimate goal of originating $1 Billion in new construction loans this year and reaching $1.5 Billion annually by 2028. |
MCAP’s Development Finance Group – A complement to existing banking relationships
Operating in the Toronto region, Michael views his team as not a replacement for a developer’s or a builder’s existing banking relationships, but rather a complement to them. As one of many financial players in the area, he explains that MCAP is well-positioned to provide alternative solutions that a client’s other partners can’t offer. “We can do things that big banks can’t, just because of the way they have to structure their transactions,” he explains. “MCAP has multiple sources of capital – from mezzanine debt to subordinate debt all the way up to conventional first mortgages. While a bank might only do conventional first mortgage financing, we can offer more complete solutions.”
This structure further enables MCAP to address specific challenges present in today’s market. “We’ve gone through hyperinflation and massive increases in interest rates, which has made land financing extremely difficult,” he offers by way of example. He explains that MCAP’s structure and ability to be creative in financing proposals allow the team to support development earlier in the process. “By going in at an earlier stage and facilitating the initial activity on a site, a developer can promote more sales because construction can begin sooner.”
Helping Canadian families at MCAP and beyond
While Michael’s work at MCAP enables the construction of more housing to meet the needs of Canadians, his work outside the office has a different, yet powerful impact on some Canadian families.
For the past 12 years, Michael has sat on the board of Safe Families Canada, an organization that provides temporary safe environments and support for children and parents dealing with difficult circumstances – due to illness, medical treatments, or family crises to name a few. The organization helps parents going through tough times keep their families together.
Michael draws from his varied experience, deep industry knowledge and collaborative approach to lead his branch in its ongoing support of builders and developers. And, his compassion for Toronto families helps drive his efforts and motivates his team to be their best every day.
Contact Our Development Finance Group Members
Michael can be reached by phone at (416) 371-9564 or by email at Michael.Misener@mcap.com to discuss MCAP’s value proposition with prospective new clients.
