First Mortgage LP (FMLP)
Managed by Capital Asset Lending Inc.
Data as of: September 5, 2024 · View latest fund facts
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
AUM
$1.2B CAD
First mortgages
Primarily
About First Mortgage LP (FMLP)
First Mortgage LP is an Ontario limited partnership investing exclusively in residential first mortgages secured by single-family properties, primarily in the Greater Toronto Area. It targets prime and super-prime borrowers with Equifax credit scores of at least 680 and limits each mortgage to a maximum loan-to-value ratio of 75%. Its objective is capital preservation and consistent monthly distributions.
The fund reports approximately $1.2B CAD in assets.
The portfolio is concentrated in Residential mortgages.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $1.2B CAD |
| First mortgages (as a % of the portfolio) | Primarily |
| Property focus | Residential (100%) |
| Structure | Ontario limited partnership |
| Investor access | Available to individual investors |
First Mortgage LP (FMLP) portfolio and performance
The portfolio is composed of residential mortgages (100%).
| Property Type | Share (%) |
| Residential | 100% |
First Mortgage LP (FMLP) has a focus on Ontario, with 100% of its mortgages located in Ontario.
| Province/Region | Share (%) |
| Ontario | 100% |
First Mortgage LP (FMLP) facts
Fund structure
| Structure | Ontario limited partnership |
| Manager | Capital Asset Lending Inc. |
| Latest data | September 5, 2024 |
Mortgage portfolio
| First mortgages | Primarily |
| Property focus | Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
The reported $1.2 billion in AUM is combined across First Mortgage LP and Mortgage Company of Canada Inc. and should not be interpreted as FMLP’s standalone fund size. The fund invests exclusively in residential first mortgages secured primarily by single-family homes in the Greater Toronto Area. It targets prime and super-prime borrowers and limits individual mortgages to a maximum loan-to-value ratio of 75%. The fund may use leverage, subject to a maximum debt-to-equity ratio of 2.2:1 under its credit agreement. Capital Asset Lending may receive a mortgage purchase premium of up to 0.5%, retain certain borrower and servicing charges, and generally keep up to 75% of lender fees. The fund also pays an administrative fee of up to $10,000 per year.
Who can invest in First Mortgage LP (FMLP)?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $50,000.
The minimum investment amount through an advisor or dealer is $50,000.
About Capital Asset Lending Inc.
Capital Asset Lending Inc. is a Markham, Ontario-based licensed mortgage originator and administrator established in 2009. As of April 30, 2026, the firm reported $1.2 billion in assets under management, 11,288 mortgages funded and $5.1 billion in mortgages funded since inception. Its investment vehicles focus on mortgages secured primarily by affordable single-family homes in the Greater Toronto Area and other urban Ontario markets. Capital Asset Lending originates, services and administers mortgages for its investment vehicles, while securities are distributed to eligible investors through dealing representatives at Waverley Corporate Financial Services.
Compare other funds by Capital Asset Lending Inc.
Capital Asset Lending Inc. manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Mortgage Company of Canada Inc. (MCOCI) | residential mortgages | $1.2B CAD | Learn More |
Frequently asked questions
It invests in residential mortgages.
Yes. It is available to individual investors.
The fund is managed by Capital Asset Lending Inc..
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