What Almore Capital does

Almore Capital is a Toronto-based, privately held non-bank direct private lender that originates first-ranking commercial mortgages (typically $3M to $30M) across industrial, multi-family, retail, office, mixed-use, commercial, and land asset classes in major U.S. and Canadian markets. The firm serves two counterparties simultaneously: commercial real estate owners and developers who need flexible, time-critical financing where conventional lending is unavailable, and high-net-worth investors, family offices, and institutions who subscribe to the Almore Capital Mortgage Fund Limited Partnership at a $100,000 minimum in exchange for monthly distributions.

The business operates a single pooled investment vehicle that channels investor capital into the loan book, with Almore Capital Ltd. acting as administrator and manager for a 1% quarterly management fee on assets under management. Underwriting is conservative by design: as of March 31, 2026, the Fund's weighted average loan-to-appraised value ratio stood at 56.01%, 100% of the portfolio was allocated to first mortgages, and the firm reports zero realized principal losses since inception. Q1 2026 annualized returns were 11.02% on a cash basis and 11.59% on a DRIP basis. Technology is a non-differentiator — the firm relies on Mortgage Automator, a third-party investor portal, for portfolio administration and reporting, while underwriting and adjudication are performed manually by a small principal team.

The firm is registered as an Exempt Market Dealer in Ontario under FSRA Licence #13185 and #13219, with KPMG LLP serving as auditor. The organization is led by Principals Jordan Abugov (CPA, CA; ex-EY) and Judd Silverstone Rapoport (CFA; prior non-bank CRE lenders), who jointly handle origination and underwriting, with JD Rothstein leading capital raising, Tristen Tamblyn (CPA) managing finance and reporting, and Debra Thuet serving as Chief Compliance Officer with 35+ years of financial services experience.

Name

Almore Capital

Legal name

Almore Capital Ltd.

Website

https://almorecapital.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

Almore Capital is a Toronto-based non-bank direct lender that originates $3M–$30M first-ranking commercial mortgages across U.S. and Canadian markets, deploying capital pooled through the Almore Capital Mortgage Fund LP for HNWI, family office, and institutional investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Almore Capital Ltd. acts as the administrator and manager of the Almore Capital Mortgage Fund Limited Partnership, earning a 1% quarterly management fee on fund assets under management.
2. Mortgage Origination and Interest Income: The company generates revenue through originating first-ranking commercial mortgages across industrial, multi-family, retail, office, mixed-use, commercial, and land asset classes in major U.S. and Canadian markets. Interest income and origination fees from loans ranging from $3M to $30M.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Almore Capital is a non-bank direct private commercial mortgage lender that underwrites and originates first-ranking commercial mortgages (typically $3M–$30M) on industrial, multi-family, retail, office, mixed-use, commercial, and land properties in major U.S. and Canadian markets. The company funds these mortgages through the Almore Capital Mortgage Fund Limited Partnership, an investment-grade mortgage fund that pools capital from high-net-worth investors, family offices, and institutional investors and pays monthly distributions. The offering combines B2B lending to commercial real estate owners and developers with a B2C investment fund product for accredited investors.

Product overview

Almore Capital operates as a commercial mortgage lender offering a single investment fund (Almore Capital Mortgage Fund Limited Partnership) with an investor portal (Mortgage Automator). The fund provides first-ranking mortgage financing across major U.S. and Canadian markets for industrial, multi-family, retail, office, mixed-use, commercial, and land asset classes, delivering stable monthly income to investors through professionally managed, conservative underwriting.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Mortgage Financing First-ranking commercial mortgage origination for property owners and developers, typically in the $3M–$30M range, across industrial, multi-family, retail, office, mixed-use, commercial, and land asset classes in major U.S. and Canadian markets. Loans are structured, underwritten, and adjudicated in-house and funded by the Almore Capital Mortgage Fund.
• Almore Capital Mortgage Fund Limited Partnership An investment-grade mortgage fund that pools capital from accredited investors and lends it out as first-ranking commercial mortgages. Investors subscribe at $100,000 minimum, pay a 1% quarterly management fee, and receive monthly distributions in cash or via DRIP at a fixed $10.00/unit price; monthly redemptions are available.
• Mortgage Automator Investor Portal Online investor portal provided to fund investors for account access, statement retrieval, distribution processing (cash and DRIP), and portfolio performance reporting.

Quantifiable outcome

• 11.02% annualized cash return (Q1 2026)
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CMLS Financial: Canadian non-bank mortgage lender providing commercial, multi-family, and construction financing. Comparable to Almore in underwriting discipline and asset class focus, with greater scale and institutional funding relationships.
• Firm Capital Corporation: Canadian commercial mortgage lender and Mortgage Investment Corporation (MIC) operating across multiple real estate asset classes. Comparable to Almore in providing both direct mortgage financing and an investor vehicle, with overlapping borrower and investor segments in Canada.
• Romspen Investment Corporation: Toronto-based private mortgage fund manager focused on commercial real estate across North America. Closely comparable to Almore in loan profile (first mortgages, conservative LTVs), investor channel (HNW/wealth advisors), and track record-driven marketing approach.
• MCAP Corporation: One of Canada's largest independent non-bank mortgage lenders, originating and servicing commercial and residential mortgages. Comparable business model to Almore on the lending side, though at significantly greater scale and broader product range.
• Peakhill Capital: Toronto-based private debt fund manager focused on commercial real estate and corporate lending across North America. Comparable to Almore in HNW/institutional investor channel and CRE lending focus, with a more diversified product set including corporate credit.
• Trez Capital: Canadian-based private mortgage lender and fund manager offering pooled mortgage investments across commercial and residential real estate. Directly comparable to Almore in business model, Canadian regulatory standing, and investor base of HNW/family offices.

Broad incumbents

• Walker & Dunlop: US-based commercial real estate finance company with a large loan origination and servicing platform. Comparable to Almore in CRE lending focus and first-mortgage orientation, but operating at much greater scale with capital markets infrastructure Almore lacks.
• First National Financial Corporation: One of Canada's largest non-bank mortgage lenders and a publicly traded parent of multiple lending brands. Comparable to Almore in the commercial mortgage origination space, though substantially larger and offering securitization and servicing at scale.
• Arbor Realty Trust: US-focused diversified CRE lender and servicer with a multi-family finance franchise. Comparable to Almore in providing senior CRE mortgages to borrowers underserved by banks, though at substantially greater scale and with a publicly traded capital structure.

Regional players

• Atrium Mortgage Investment Corporation: Canadian Mortgage Investment Corporation focused on residential and small commercial mortgages across major Canadian markets. Comparable to Almore in investor vehicle structure and Canadian CRE/residential focus, but operating with a different asset mix and scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/almore-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Almore Capital