MortEq Lending Corp
Managed by PHL Capital Corp. / Belco Private Capital Inc.
Data as of: May 31, 2026 · 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
$768M CAD
2025 return
9.22%
LTV
52.9%
Management fee
1.5%
About MortEq Lending Corp
MortEq Lending Corp. is a private British Columbia mortgage investment corporation managed and administered by PHL Capital Corp., with investment-fund-management oversight provided by Belco Private Capital Inc. The fund invests in short-term first and second mortgages secured by residential and commercial properties, primarily in British Columbia, Ontario and Alberta. As of February 28, 2026, it held $746.5 million of funded mortgage principal, with 89% in first mortgages and a weighted-average original LTV of 53%.
The fund reports approximately $768M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 10.28% in 2024 to 9.22% in 2025.
The portfolio is highly concentrated in BC.
At a glance
| Assets under management (AUM) | $768M CAD |
| 2025 return | 9.22% |
| Overall LTV | 52.9% |
| First mortgages (as a % of the portfolio) | 88.9% |
| Property focus | Residential (77%) / Commercial (23%) |
| Structure | Private Corporation (MIC) |
| Investor access | Available to individual investors |
MortEq Lending Corp portfolio and performance
The portfolio is composed of residential mortgages (77%) and commercial mortgages (23%).
| Property Type | Share (%) |
| Residential | 77% |
| Commercial | 23% |
MortEq Lending Corp has a focus on BC, with 91.83% of its mortgages located in BC, followed by Ontario (6.89%), Alberta (1.28%).
| Province/Region | Share (%) |
| Ontario | 6.89% |
| BC | 91.83% |
| Alberta | 1.28% |
MortEq Lending Corp returns
| Calendar year | Net return |
| 2023 | 9.15% |
| 2024 | 10.28% |
| 2025 | 9.22% |
Return objective (2026)
MortEq Lending Corp has a target return of 6%-10% for 2026.
MortEq Lending Corp facts
Fund structure
| Structure | Private Corporation (MIC) |
| Manager | PHL Capital Corp. / Belco Private Capital Inc. |
| Latest data | May 31, 2026 |
Mortgage portfolio
| First mortgages | 88.9% |
| Overall LTV | 52.9% |
| 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 | 1.5% |
| Performance fee | No |
Additional fund details
Portfolio figures are as of May 31, 2026, while regional allocations and the management fee are based on information from August 31, 2025. Returns are issuer-calculated net fiscal-year returns for years ending August 31, and the fund’s target return of 6% to 10% is stated after the management fee. Approximately 7.5% of mortgage principal was past due as of August 31, 2025. As of February 28, 2026, approximately 8.05% of the portfolio was more than 90 days past due.
Who can invest in MortEq Lending Corp?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $25,000.
The minimum investment amount through an advisor or dealer is $25,000.
About PHL Capital Corp. / Belco Private Capital Inc.
PHL Capital Corp. is a Surrey, BC-based mortgage lending and investment management firm founded in 2006, managing over $900 million in combined AUM across two MICs — MortEq Lending Corp. and Oakhill Lending Corp. The firm operates as manager, administrator, and originator for both funds, distributing through its affiliated dealer PHL Financial. PHL lends across BC, Ontario, and Alberta.
Compare other funds by PHL Capital Corp. / Belco Private Capital Inc.
PHL Capital Corp. / Belco Private Capital Inc. manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Oakhill Lending Corp | Residential mortgages | $174M CAD | Learn More |
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 52.9%.
Yes. It is available to individual investors.
The fund is managed by PHL Capital Corp. / Belco Private Capital Inc..
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