Ep.148 | From 7 Employees to 400. Now He's Coming for the GTA Private Lending Market

In this episode, Neal and Ryan sit down with Arees Jiwani, President of TM Investments. Arees walks us through his journey from the Ivey Business School to helping build one of Canada's most rapidly growing financial services groups, going from seven employees to over 400 in a decade. We dig into RFA's acquisition of Street Capital, the launch of TM Investments in 2024, and the group's unique capital structure backed by long-term institutional investors and a wealth management arm based in the Cayman Islands.Arees shares why permanent capital is the name of the game in today's private lending market, how TM Investments approaches AA and AAA deals in the competitive GTA space, and where he sees the biggest opportunity hiding in plain sight: the $3 to $4 million home segment in prominent Toronto neighbourhoods. We also cover bridge financing, blanket mortgages, creative deal structuring, and TM's ambitious plans to scale well beyond the $300M mark.Show Notes00:00 Hosts' recap: big goals, permanent capital, and competitive GTA pricing01:30 Interview begins with Arees Jiwani02:13 From the Ivey Business School to RFA: the origin story04:00 RFA's growth story, from 7 employees to 400 in a decade05:39 The three gaps in the private market TM Investments was built to fill08:45 Breaking down the capital and infrastructure gaps in more detail09:44 Inside the Cayman Islands wealth management operation (Five Continents)12:06 The 20+ year investor relationships that anchor RFA13:09 The RFA and Artis REIT merger and TSX listing15:30 How TM Investments establishes truly permanent capital18:31 Why the LP structure won out over the MIC19:31 A walk through the RFA verticals20:55 Ideal borrower profile: business-for-self and bridge financing23:49 Underwriting the exit on bridge deals24:53 The case for blanket mortgages in today's market27:02 Beyond pricing: the step-up rate structure that wins deals30:22 Average mortgage term and payout timing32:05 The hidden opportunity in $3 to $4 million GTA homes37:14 Scale on their terms: the 3 to 5 year vision41:09 Opportunistic capital in a shrinking market42:56 Acquisitions as part of the growth playbook43:31 Bonus question: Flames or Leafs?45:11 Restaurant recommendations in Toronto and CalgaryResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: [email protected] IN THE CPL NEWSLETTER:http://eepurl.com/FIKgpXhSbH