Portage Capital

What Portage Capital does

Portage Capital Corporation is a Toronto-based, privately held commercial mortgage lender founded in 2018 that provides financing solutions to Canadian real estate developers, owners, and investors. The firm is licensed as a mortgage brokerage in Ontario (FSRA #13076) and British Columbia (BC Brokerage #X301122) and originates loans directly without intermediaries across Ontario, British Columbia, and Quebec. Recent documented transactions exceed $206.8M in aggregate, spanning multi-residential, industrial, mixed-use, and residential inventory assets, with deal sizes ranging from $5.65M to $75M.

The company offers a unified suite of three core CRE mortgage products: Term Loans (first mortgage loans on stabilized income-producing commercial properties with 1-10 year terms), Bridge Loans (short-term flexible financing for asset repositioning and time-sensitive transactions), and CMHC-Insured Loans (government-backed financing for multi-residential properties up to 10 years), with mezzanine financing also referenced as part of the offering. The underlying technology stack is conventional for a non-bank lender, with no proprietary platform, API, or AI/ML capabilities disclosed. Underwriting and due diligence are conducted by an in-house investment team.

Portage Capital's business model is direct-to-borrower B2B lending, generating revenue through net interest income on its commercial mortgage portfolio. Pricing is negotiated on a transaction-by-transaction basis and is not publicly disclosed. The firm is led by three Managing Partners—Andrew Jones (ex-Partner at Timbercreek Asset Management and CEO of Timbercreek Financial), Paul Jones (ex-Timbercreek, Fortress, GE Capital, Credit Suisse First Boston), and Bryan Salazar (ex-Managing Director at KingSett Capital)—supported by approximately 12 additional investment and funding/administration professionals. The company is founder/management-owned with no disclosed parent entity, outside institutional shareholders, or external funding rounds.

Name

Portage Capital

Legal name

Portage Capital Corporation

Website

https://portagecapital.ca

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Portage Capital is a Toronto-based, privately held commercial mortgage lender founded in 2018 that provides CMHC-insured, conventional term, bridge, and mezzanine financing to real estate developers and investors across Canada, with documented recent transaction volume exceeding $206.8M.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Mortgage Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Private Credit — Real Estate Debt (Bridge, Mezz, CMBS-like) (FSAHAJAI)

akta.pro secondary industry

Bridge & Short-Term Real Estate Loan Intermediation (FSAEAEAG)

Keywords

• Commercial real estate lending
• Mortgage financing solutions
• CMHC multi-residential loans
• Bridge loan financing
• Mezzanine real estate debt

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Mortgage Interest Income: Portage Capital generates revenue through interest income on commercial mortgage loans including term loans, bridge loans, CMHC-insured loans, and mezzanine financing. The company provides innovative mortgage financing solutions for real estate projects, with the goal of meeting the needs of both borrowers and investors while generating stable and reliable risk-adjusted returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Portage Capital is a Canadian direct commercial mortgage lender that originates and funds real estate financing solutions for developers and investors across Canada. Its product suite includes first-mortgage term loans for stabilized income-producing commercial properties, short-term bridge loans for asset repositioning and time-sensitive transactions, CMHC-insured term loans for multi-residential properties, and mezzanine financing. Each transaction is structured to meet the needs of both the borrower and the investor.

Product overview

Portage Capital offers a unified suite of three commercial real estate mortgage products: Term Loans (first mortgage financing for stabilized commercial properties with 1-10 year terms), Bridge Loans (short-term flexible financing for asset repositioning and time-sensitive transactions), and CMHC Loans (government-backed multi-residential property financing up to 10 years). These products serve borrowers and investors across Canada's commercial real estate market, addressing various financing needs from acquisition to stabilization.

Differentiator

Problem solved

Functional benefit

Products and services

• Term Loans First mortgage loans secured by stabilized income-producing commercial properties, offered with terms ranging from 1 to 10 years. Designed for commercial real estate developers, owners, and investors seeking long-term financing for income-producing assets across Canada.
• Bridge Loans Short-term, flexible mortgage financing designed to support asset repositioning, stabilize properties, or execute time-sensitive commercial real estate transactions with speed and confidence. Targeted at commercial real estate developers and investors needing interim capital.
• CMHC Loans CMHC mortgage term loans secured by multi-residential properties, with terms of up to 10 years. Government-insured financing for multi-residential property owners and developers across Canada.
• Mezzanine Loans Mezzanine financing for commercial real estate projects, referenced as part of Portage Capital's full spectrum of mortgage financing solutions for Canadian real estate developers and investors.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves3 records

Expansion highlights5 records

Direct peers

• CMLS Group: One of Canada's largest independent commercial mortgage brokerage and servicing platforms, originating across conventional, CMHC-insured, and construction financing. Highly comparable to Portage Capital in product mix (CMHC, conventional, bridge) and target customer base (commercial real estate borrowers across Canada).
• KingSett Capital: Canadian alternative asset manager with a major commercial mortgage origination platform. Directly comparable to Portage Capital given that Managing Partner Bryan Salazar previously led KingSett's mortgage underwriting and funding team, and team members from KingSett are now at Portage.
• Peakhill Capital: Toronto-based commercial mortgage lender focused on mid-market Canadian CRE financings including bridge, construction, and CMHC-insured loans. Comparable to Portage Capital in mid-market deal focus, Toronto base, and multi-product origination approach.
• Trez Capital: Canadian private mortgage investment corporation that originates and manages commercial mortgages, including CMHC-insured multi-residential loans. Directly comparable to Portage Capital in commercial mortgage origination, capital pooling structure, and product categories.
• MarshallZehr: Canadian specialty commercial mortgage lender providing bridge, construction, and structured financing to real estate developers and investors. Closely comparable to Portage Capital in product mix, target borrowers, and direct-lending origination model across the Canadian CRE market.
• Romspen Investment Corp: Canadian private mortgage fund manager specializing in commercial real estate mortgages, construction, and bridge financing. Highly comparable to Portage Capital in direct-lending model, Canadian CRE focus, and emphasis on secured first-mortgage positions.

Broad incumbents

• Timbercreek Financial: A TSX-listed Mortgage Investment Corporation and one of Canada's largest non-bank commercial mortgage lenders. Highly comparable to Portage Capital as the firm's founding Managing Partners (Andrew Jones, Paul Jones, Julie Neault) were previously senior leaders at the parent Timbercreek Asset Management.
• Firm Capital Corporation: Toronto-based specialty finance firm operating through Firm Capital Mortgage Investment Corporation, with significant Canadian commercial mortgage lending activity. Overlaps with Portage Capital in Canadian CRE lending focus and Toronto headquarters.
• First National Financial LP: One of Canada's largest non-bank commercial and residential mortgage originators, with significant CMHC-insured multi-residential activity. Comparable to Portage Capital's CMHC-insured lending platform; team member Kate Sornsingchai previously worked at First National as a Mortgage Funder.

Emerging players

• DLP Capital: US-based private real estate lender with a capital-partner model similar to Portage's brokerage/intermediation approach. Comparable in business model and product mix (bridge, conventional, mezzanine), although currently focused on US multifamily rather than the Canadian CRE market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/portagecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Portage Capital