Ep.139 | $1 Billion, 40 People & Zero Gated Funds: Inside Canada's Biggest Public MIC

What does it actually look like to run a $1 billion mortgage portfolio with a team of 40? Phil Fiuza, Managing Director of Single Family at Atrium MIC, pulls back the curtain on one of Canada's largest and only publicly traded mortgage investment corporations.

Phil started his career in 1988, right as real estate peaked and crashed, and has spent 30+ years learning how to survive every cycle. In this episode, he breaks down why Atrium went public in 2012 (hint: it's all about permanent capital), how they've kept 95% of their book in first mortgages, and why they're growing in Alberta and BC while staying disciplined in Ontario.

If you want to understand how the biggest players in Canadian alternative lending think about risk, capital, and growth, this is the episode.

Show Notes:

1:32 - Meet Phil Fiuza & Atrium MIC 

2:10 - His Career Started During the 1989 Crash

4:05 - How Today's Market Compares to the 90s

5:21 - Why Atrium Went Public - Permanent Capital Explained 

7:12 - The Tradeoffs of Being Publicly Traded

10:10 - 71% Residential, 29% Commercial - Atrium's Book 

11:46 - Growth Plans: Alberta & BC

13:09 - Defense First - Protecting Your Best Loans 

16:03 - 95% First Mortgages & 87% GTA Focus

17:55 - How They Keep Winning First Position

19:17 - How Atrium Rewards Brokers

20:39 - Renewal Trends & Borrower Stress

27:33 - Moving to 2-3 Year Terms & Amortized Loans

29:14 - Atrium's Rate Range

31:50 - Canadian Economy Outlook - Condos, Construction & Inventory 

35:51 - Most Impressive Moves From Competitors

37:21 - The LOC Product Phil Thinks Is Misleading Borrowers

39:56 - Bonus: Leafs, Jays & the Draft Lottery

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: ryan@keycap.ca

Find Phil on:

LinkedIn: Phil Fiuza

Instagram: @philfiuza