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Owemanco (Ontario Wealth Management Corporation) is a private mortgage fund offering bridge loans secured by investment property throughout the United States and Canada. The firm was founded in 2001 and is based in Toronto. In 2010 we expanded their operations into the United States. As a “hands-on” direct private lender we possess a unique expertise at analyzing and solving complex and time-sensitive real estate financing transactions. We are guided by the philosophy that a good loan is one that benefits all parties, allowing borrowers to achieve their goals, whether it is an acquisition, expansion, development or a solution to a short-term cash flow deficiency. Here are some of our guidelines…

Loan Amounts

$1,000,000 to $10,000,000

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
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%
  • Owner Occupied Commercial

Property Geographic Area Details

All 50 U.S. States and Ontario. We will consider loans under $1MM in New York City, Chicago, and Toronto.

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Commercial Condominium
  • Condominium
  • Cooperative
  • Healthcare
  • Industrial
  • Mixed-Use
  • Multifamily
  • Office
  • Retail
  • Single Family Residence

Loan Types

  • Commercial Bridge
  • Commercial Property Value Add

Purchase Loan

Max LTC on Purchase Price

65.00%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

no

Will Consider Lending on Purchase from Auction

no

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Another Investment Property

Rehab Value Add Loan

Experience Required

yes

Minimum Number of Value-Add Projects Completed by Borrower

2

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

65.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

5

Details and Requirements

Typical Closing Time (Days)

10

Fastest Closing Time (Days)

5

Works 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

no

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will 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

Always

Credit Check Required

no

Appraisal Required for Residential Property

Sometimes

Appraisal Required for Commercial Property

Sometimes

Broker Price Opinion (BPO) Accepted for Residential Property

Always

Broker Price Opinion (BPO) Accepted for Commercial Property

Always

Fees

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) and with the Ontario Securities Commission as an Exempt Market Dealer. 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. We are a professional private lender with a unique expertise at analyzing equity-based mortgages. Founded by Graham Tobe in 2001, Owemanco’s mission is to offer a competitive source of short-term financing for transactions from $250,000 to $6 million by underwriting loans on behalf of investors seeking secure investments and consistently strong returns. In 2010 we expanded our operations into the United States.

Licence

FSC Lic. 10506, FSCO Lic. 11758

Established

2001

Associations

  • Independent Mortgage Brokers Assocation of Ontario - Member
  • Mortgage Professionals Canada - Member

Office Locations

2950 Keele Street, Suite201, Toronto, Ontario, M3M 2H2

Primary Capital Source

  • Debt Fund We Manage

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Commercial Property

0%

Percentage of Loans Secured by Residential Property

0%

Percentage of Residential Property Loans Which are Fix and Flip

0%

Percentage of Residential Property Loans Which are Buy and Hold

0%

Percentage of Residential Property Loans Which are Owner-Occupied

0%

Percentage of Loans Secured by Land

0%

Percentage of Loans Secured by a Business (not real estate)

0%

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.

Loan Request

This information is about yourself, not the subject property.

$
%
months

At the end of the form you can enter the additional properties.

(temp use, storage, billboard, parking, etc.)

$
$
$
$
$
$
$
%

If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

$
%
$
$
%

(temp use, storage, billboard, parking, etc.)

$
$
$
$
$
$
$
%

If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

$
%
$
$

how will the loan be paid off?

acres
Image
1
Add
1
acres
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documents, photos, etc.

Attachment
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Completed Transactions

Owemanco

Private Loan Funding
Brooklyn, NY
$2,000,000
Multifamily

Purchase

View Transaction

Owemanco

Private Loan Funding
Bay Harbor Islands, FL
$1,200,000
Single Family Residence

Residential Ground-Up Construction

View Transaction

Owemanco

Private Loan Funding
Hanover, NJ
$1,000,000
Industrial, Retail

Refinance

View Transaction

Owemanco

Private Loan Funding
Bloomingdale, IL
$1,200,000
Retail

Purchase

View Transaction

Owemanco

Private Loan Funding
Manhattan, NY
$1,000,000
Retail

Refinance

View Transaction

Owemanco

Private Loan Funding
Brooklyn, NY
$1,550,000
Condominium

Residential Ground-Up Construction

View Transaction

Owemanco

Private Loan Funding
Harlem, NY
$4,100,000
Condominium, Multifamily

Commercial Property Value Add

View Transaction

Owemanco

Private Loan Funding
Chicago, IL
$1,300,000
Retail

Refinance

View Transaction

Owemanco

Private Loan Funding
Brooklyn, NY
$1,500,001
Multifamily

Purchase

View Transaction

Owemanco

Private Loan Funding
Jersey City, NJ
$1,200,000
Commercial Condominium, Office

Refinance

View Transaction

Owemanco

Private Loan Funding
Charlotte, NC
$2,100,000
Mixed-Use, Multifamily

Refinance

View Transaction

Owemanco

Private Loan Funding
Manhattan, NY
$1,900,000
Mixed-Use, Multifamily

Refinance

View Transaction

Owemanco

Private Loan Funding
Newark, NJ
$1,250,000
Multifamily

Purchase

View Transaction

Owemanco

Private Loan Funding
Brooklyn, NY
$2,700,000
2-4 Units Residential, Condominium

Residential Ground-Up Construction

View Transaction