Magenta Capital Corp., one of Canada’s largest private mortgage lenders, has suspended new loan applications until September, according to an e-mail to its broker clients viewed by The Globe and Mail.
In the e-mail to clients dated June 7, Magenta said it will not be accepting any new applications that required funding before Sept. 1. It did not explicitly give a reason for the move. Magenta was established in 1994 and is one of the country’s oldest and largest MICs, with $430-million in mortgage assets under management. It provides loans to what it calls borrowers with “short-term credit challenges” and lends throughout Southern Ontario, where home prices have nearly doubled in some areas in the past two years.
Source: Loan Digest (loandigest.net)
Lots of uncertainty for lenders. Values are dropping quickly and rates are increasing. Things should sort out later in the year.
Holding pattern... 😬
Isn’t that their business?
Interesting 🤔
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