Ontario Wealth Management Corporation
Toronto, Ontario
FSRA Lic. 10506, FSRA Lic. 11758
647-503-1102
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Direct Private Lender for Commercial Real Estate Nationwide
Founded in 2001, Ontario Wealth Management Corporation (Owemanco) is a private mortgage fund offering bridge loans secured by investment properties throughout the United States and Canada. Owemanco’s team is comprised of underwriting professionals with hands-on experience in real estate, loan origination, loan servicing, and asset management. Our brokers and clients benefit from informed underwriting solutions resulting from powerful team dynamics and in-house expertise. We ensure that we put our best foot forward with each transaction and deliver on our promises. Our track record is an affirmation of the values we hold in esteem.
Property Geographic Area Details
All 50 U.S. States and Ontario
Loan Amounts
$1,000,000 to $20,000,000
Interest Rates
7% to 9%
Max Loan-To-Value
65.00%
Max Loan-To-Cost
65.00%
Origination Fees
1.5% to 2.5%
Loan Terms
12 months to 36 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
- Use Equity to Invest in Another Property
- Value Add Project
Property Occupancy
- Vacant
- Tenant Occupied 100%
- Owner Occupied Commercial
Property Types and Loan Types
Collateral Types
- Residential Property
- Commercial Property
Property Types
- 2-4 Units Residential
- Auto Dealership
- Auto Repair
- Bed and Breakfast
- Cannabis Dispensary
- Car Wash
- Commercial Condominium
- Condominium
- Cooperative
- Healthcare
- Hotel
- Industrial
- Mixed-Use
- Multifamily
- Office
- Place of Worship
- Portfolio of Commercial Properties
- Portfolio of Residential Properties
- Retail
- School
- Single Family Residence
Loan Types
- Commercial Bridge
- Commercial Property Value Add
Specialty Loan Types
- Condo Conversion
Purchase Loan
Max Loan-To-Purchase Price
65.00%Borrower Must Have Property Under Contract
yesWill Provide Proof of Funds Letter
noWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Another Investment Property
Rehab Value Add Loan
Experience Required
yesMinimum Number of Value-Add Projects Completed by Borrower
2Will Provide Funds for Renovation Costs
yesMax LTC for Renovation Costs
65.00%Interest Charged for Renovation Costs
Entire Amount of Total Project CostsTypical Number of Days for Funds Draw
5Maximum After Repair Value
65.00%Details and Requirements
Typical Closing Time (Days)
10Fastest Closing Time (Days)
5Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
Pre Payment Penalty
no
Will lend to a foreign national
yes
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- LLC
- Limited Partnership
- Trust
- Corporation
Documentation Required
- Credit Report
- Tax Returns
- Bank Statements
- Financial Statements
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
noAppraisal Required for Residential Property
SometimesAppraisal Required for Commercial Property
SometimesBroker Price Opinion (BPO) Accepted for Residential Property
AlwaysBroker Price Opinion (BPO) Accepted for Commercial Property
AlwaysFees
Deposit Required
$0 to $0
Deposit is required when LOI is signed by borrower, after the initial site visit.
Site Visit Fee
$1,500.00 to $3,000.00
An Owemanco employee will do a site visit before issuing an agreement and formal LOI.
Appraisal Fee
Most of our loans require a BPO (broker price opinion) and only some loans will require an appraisal. Borrower pays the BPO or appraisal fee.
Fees which are mandatory for all new borrower clients
- Deposit
- Site Visit Fee
Fees which are charged upfront prior to loan closing
- Deposit
- Site Visit Fee
- Appraisal Fee
Fees which are paid to a third party company
- Appraisal Fee
- Inspection Fee
Legal Disclaimer
Rates and Terms are subject to change without notice. Owemanco is licensed with the Financial Services Commission of Ontario as a Mortgage Brokerage (Lic. 10506) and a Mortgage Administrator (FSCO Lic. 11758). Owemanco is proud to be a member of the Independent Mortgage Brokers Assocation of Ontario, the Private Capital Markets Association, The Toronto Construction Association and the Mortgage Bankers Association.
Ontario Wealth Management Corporation (“Owemanco”) originates and administers loans secured by mortgages in Canada and the United States. Established in 2001 and headquartered in Toronto, Canada, Owemanco is a professional private lender that provides loans ranging between $250,000 and $20,000,000. Owemanco sets itself apart from its competitors with the speed and accuracy with which it underwrites and funds new loan opportunities.
License
FSRA Lic. 10506, FSRA Lic. 11758
Year Established
2001
Associations
- Independent Mortgage Brokers Assocation of Ontario - Member
- Mortgage Professionals Canada - Member
Office Locations
Ontario Wealth Management Corporation2950 Keele Street, Suite201, Toronto, Ontario M3M 2H2
Primary Capital Source
- Debt Fund We Manage
Alternative Capital Sources
- Individual Investors
Loan Structure for Majority of Loans
- Own Balance Sheet
Percentage of company’s lending business focused on private mortgage
100%
Total Number of Loans Funded to Date
6600
Total Loan Volume Funded to Date
$250,000,000
Sohail Zayona
Partner & Operating Officer
Sohail Zayona joined Owemanco in June of 2013 with a focus to expand Owemanco’s business operations in both Canada and the U.S. In his current role, Sohail is responsible for originating and underwriting new mortgage investments in Canada and the United States. In addition, Sohail is responsible for overseeing Owemanco’s mortgage portfolio and monitoring the fund’s post-closing activities. Sohail is registered with FSCO as a mortgage agent, and he is a Trustee of Owemanco Mortgage Trust. Sohail is a graduate of an Honours Bachelor of Business Administration (B.B.A) from the Schulich School of Business at York University where he graduated with Distinction. He holds a dual-specialization in both finance and entrepreneurship.
Completed Transactions
Owemanco
Tomball, TX
$3,000,000
Equity Cash Out
Owemanco
Manalapan , FL
$12,500,000
Residential Ground-Up Construction
Owemanco
Chinatown, NY
$7,350,000
Refinance
Owemanco
Detroit, MI
$5,000,000
Refinance
Owemanco
Central Valley, NY
$1,300,000
Refinance
Owemanco
Pittsburgh, PA
$1,500,000
Refinance
Owemanco
Westfield , IN
$605,000
Residential Ground-Up Construction
Owemanco
Miami, FL
$1,150,000
Residential Ground-Up Construction
Owemanco
Miami, FL
$1,300,000
Owemanco
New York City, NY
$1,250,000
Equity Cash Out
Owemanco
Long Island City, Queens, NY
$1,800,000
Purchase
Owemanco
New York, NY
$2,500,000
Equity Cash Out
Owemanco
Brooklyn, NY
$3,700,000
Owemanco
Brooklyn, NY
$5,500,000
Purchase
Owemanco
Brooklyn, NY
$2,000,000
Purchase
Owemanco
Bay Harbor Islands, FL
$1,200,000
Residential Ground-Up Construction
Owemanco
Hanover, NJ
$1,000,000
Refinance
Owemanco
Bloomingdale, IL
$1,200,000
Purchase
Owemanco
Manhattan, NY
$1,000,000
Refinance
Owemanco
Brooklyn, NY
$1,550,000
Residential Ground-Up Construction
Owemanco
Harlem, NY
$4,100,000
Commercial Property Value Add
Owemanco
Chicago, IL
$1,300,000
Refinance
Owemanco
Brooklyn, NY
$1,500,001
Purchase
Owemanco
Jersey City, NJ
$1,200,000
Refinance
Owemanco
Charlotte, NC
$2,100,000
Refinance
Owemanco
Manhattan, NY
$1,900,000
Refinance
Owemanco
Newark, NJ
$1,250,000
Purchase
Owemanco
Brooklyn, NY
$2,700,000
Residential Ground-Up Construction