In this milestone 100th episode of the Canadian Private Lenders Podcast, hosts Ryan MacNeil and Neal Andreino are joined by guest Chandler Haliburton—real estate investor, landlord, and past co-host of the Master Keys Podcast.

Together, they take a deep dive into the current state of the Canadian real estate and private lending markets. From shifts in multi-unit valuations and softening condo demand to rising vacancies and cooling rents, the conversation unpacks where the opportunities and risks lie in 2025. Chandler shares first-hand experiences using private financing to scale his portfolio and highlights why even seasoned, high-net-worth investors lean on private capital.

The trio also explores:

• Where first-time buyers still have value in Halifax
• How flips and BRRRR strategies have evolved in today’s market
• Variable vs fixed mortgage strategies heading into a major renewal wave
• Smart refinancing plays and the importance of cash flow discipline
• Why private money isn’t just a last resort, but a strategic tool for serious investors

Show Notes:

00:00 – Celebrating 100 episodes with guest host Chandler Haliburton

04:00 – Market update: softening condos & multi-units, where buyers can find deals

07:30 – Rental market realities: vacancies, rent rollbacks & balanced supply

13:30 – Private financing in action: using seconds & equity to scale

20:00 – Flips, BRRRRs & long-term holds in today’s market

25:00 – First-time buyer opportunities & Halifax’s growing appeal

33:00 – Variable vs fixed mortgages: strategies heading into renewal season

38:00 – Smart refinancing plays & cash flow management

44:00 – Build-to-rent opportunities and long-term strategy

Packed with insights, anecdotes, and laughs, this landmark episode is both a reflection on the last 100 shows and a forward-looking roadmap for investors navigating the next cycle.

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: [email protected]

In this milestone 99th episode of the Canadian Private Lenders Podcast, hosts Ryan and Neal share an inside look at Keystone’s very first foreclosure. From red flags during underwriting, to borrower challenges, expired insurance, and the unexpected passing of the borrower, this case study highlights the realities private lenders face when enforcement becomes necessary.

They break down the legal process in Nova Scotia, the importance of hiring experienced lawyers, carrying costs during enforcement, and why conservative loan-to-value ratios are critical. Most importantly, Ryan and Neil explain how they navigated the situation, recovered their capital, and what lessons they’ll carry forward into future deals.

If you’re a private lender, broker, or investor, this episode provides essential insights on foreclosure best practices, risk management, and protecting your portfolio.

Show Notes:

00:00 – Episode 99 milestone & last recording in the old studio

01:14 – Introducing today’s topic: Keystone’s first foreclosure

03:13 – Borrower red flags & why underwriting discipline matters

05:43 – Insurance lapse & borrower’s unexpected passing

07:34 – Hiring enforcement lawyers & navigating Nova Scotia’s foreclosure process

10:00 – Timeline realities: 5–6 months without income, still paying investors

11:43 – Property access, appraisal, and quick sale with multiple offers

13:11 – Recovery: full repayment plus surplus funds to borrower’s family

15:21 – Best practices: strong mortgage commitments, covenants & assignment of rents

20:26 – Lessons learned & advice for lenders facing future foreclosures

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: [email protected]

In Episode 98, hosts Ryan and Neal dive deep into a thought experiment: what would they do if they had to start a private lending business all over again, with $0 in the bank?

From building a business plan and securing the right licenses, to scaling smart, sticking to underwriting criteria, and leveraging marketing for deal flow, this episode breaks down the fundamentals and real-world lessons they wish they had known earlier.

They also unpack Halifax’s record-breaking surge in apartment construction, explore the impact of shifting housing trends on private lenders, and debate whether the Canadian market is heading toward a true rental economy.

Whether you’re an aspiring lender, broker, investor, or just curious about how private mortgage businesses are built, this episode offers actionable insights, hard truths, and practical strategies from two industry veterans.

Show Notes:

00:00 Intro & Halifax housing market update

01:14 Apartment boom, vacancies & rental pressures

06:13 Long-term outlook: family-run developers & rental economy shift

12:41 Policy, homeownership & income as retention drivers

14:00 Starting a private lending business: business plan, capital & partners

19:46 Licensing requirements across provinces

22:53 Scaling smart & building systems

28:44 Marketing, brand building & sticking to underwriting criteria

32:23 Lessons learned & advice for new lenders

34:37 Recap, key takeaways & closing

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: [email protected]

In Episode 97 of the Canadian Private Lenders Podcast, hosts Ryan and Neal sit down with Matt Shallo and Andrew “Hutch” Hutchinson of Indi Commercial Mortgage, two rising stars redefining commercial financing in Atlantic Canada.

From Matt’s unconventional career shift from policing to commercial finance, to Andrew’s background in investments and insurance before discovering the broker world, their journeys are as inspiring as they are instructive. Together, they’ve grown Indi Commercial Mortgage’s Atlantic Canada presence into a trusted leader in commercial lending.

Whether you’re a broker, investor, or developer, this episode is packed with insight on leveraging relationships, private lending strategies, and market opportunities in Atlantic Canada.

Show Notes:

00:00 – Intro & milestone: approaching 100 episodes

00:30 – Meet Matt Shallow & Andrew Hutcheson of Indie Mortgage

01:20 – Career paths: policing & hedge funds → commercial brokering

07:10 – Founding Indie Mortgage in Atlantic Canada

13:40 – Social media strategy: daily videos & visibility

20:20 – Private lending case studies & bridge financing

25:40 – Residential vs commercial private lending

30:10 – Atlantic Canada’s economy: Cape Breton & Halifax insights

38:50 – Rental market cycles & buyer opportunities

42:10 – Final thoughts on growth & optimism in Atlantic Canada

Resources:

Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: [email protected]

In this special episode of the Canadian Private Lenders Podcast, hosts Ryan and Neal sit down with Owen and Derrick MacNeil—the trailblazing brothers behind GraysBrook Capital. Credited as pioneers of Atlantic Canada’s private lending industry, Owen and Derrick share their remarkable journey from flipping homes and working in unrelated industries to building one of the region’s most respected private lending companies.

They discuss the early challenges of breaking into the space, how they built strong broker relationships, the importance of due diligence, and what it took to scale GraysBrook into a leading name in private lending before its eventual sale to Credit Union Atlantic.

Beyond the business, the brothers open up about lessons learned from foreclosures, managing investor trust, and their role in launching Brokering Wishes, a charitable initiative supporting Make-A-Wish that continues to impact families today.

This is an inspiring, behind-the-scenes look at the evolution of private lending in Atlantic Canada, filled with wisdom, cautionary tales, and advice for anyone in the industry.

Show Notes:

00:00 – Opening thoughts on appraisals & early risks

00:20 – Welcome to Episode 96 with Ryan & Neal

01:07 – Introducing Owen & Derrick MacNeil

02:22 – Career backgrounds before private lending

03:21 – Flipping homes & first private mortgage deal

05:08 – Discovering the industry through brokers & trade shows

06:15 – Why lending was simpler and more scalable than flipping

07:15 – Early growth in Halifax & New Brunswick

09:00 – Building broker relationships & lending criteria

11:22 – Pioneering Atlantic Canada’s private lending market

13:33 – Standing out with speed and credibility

15:07 – Example of fast deal turnaround in Moncton

16:05 – Managing investors & TD Bank line of credit

19:23 – Scariest moments: foreclosures & lessons learned

21:23 – Developing KPIs and processes for arrears

24:12 – Subdivision challenges & cutting losses quickly

27:02 – Founding Brokering Wishes for Make-A-Wish

29:41 – Impact: $100K raised annually for wishes

31:09 – Family succession planning & bringing Ryan into the business

38:40 – Selling GraysBrook Capital to Credit Union Atlantic

42:27 – Protecting employees & strategic benefits of the sale

43:05 – Real estate outlook in New Brunswick & Nova Scotia

45:10 – Closing reflections & final thought

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neil on:

• Instagram: @neal.andreino
• LinkedIn: Neal Andreino

Find Ryan on:

• LinkedIn: Ryan McNeil
• Email: [email protected]

In this episode of the Canadian Private Lenders Podcast, hosts Ryan McNeil and Neil Andreino take listeners through one of the most overlooked strategies in private lending: non-arm’s length transactions.

They start by unpacking today’s economic climate — rising unemployment in Ontario, hiring freezes, and the disconnect between stock market optimism and real-world struggles. From there, Ryan and Neil explain how non-arm’s length deals, such as family transfers, estate sales, or spousal buyouts, can be financed creatively with private funds when banks refuse to step in.

Whether you’re a mortgage broker, investor, or just curious about how private lending works in unique scenarios, this episode delivers practical insights and proven strategies from two industry veterans.

Show Notes:

00:00 – Opening thoughts: recession talk, unemployment & market cracks

01:38 – Why rates aren’t being cut & the role of inflation

03:08 – Signs of opportunity in multi-unit & commercial properties

05:25 – Today’s topic: What is a non-arm’s length transaction?

06:18 – Definition & real-world family transfer examples

07:32 – Why banks reject these deals (loan-to-value vs. loan-to-cost)

08:33 – Case study: New Brunswick estate property

10:20 – How private lending solved the deal & covered closing costs

11:29 – Refinance strategy: moving from private to alt lender

13:15 – Broker advantage: turning “impossible” deals into wins

15:08 – Similarities to spousal buyouts

16:05 – Equity vs. private lending: flexibility vs. rigidity

17:33 – Key takeaways: trust building & long-term client value

18:30 – Upcoming: Mortgage Summit live show & big interviews

19:40 – Disclaimer & sign-off

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neil on:

• Instagram: @neal.andreino
• LinkedIn: Neal Andreino

Find Ryan on:

• LinkedIn: Ryan McNeil
• Email: [email protected]

In this behind-the-scenes episode of the Canadian Private Lenders Podcast, hosts Ryan McNeill and Neil take listeners through a typical day in their roles at Keystone Mortgage Investment Corporation. From broker relationship building and business development to investor relations, cash flow management, and deal sign-offs, they break down the moving parts that keep a private lending business running smoothly. Along the way, they share personal stories, lessons learned, and the importance of trust, visibility, and consistency in the industry. Whether you’re a broker, investor, or simply curious about private lending, this episode offers valuable insights and real-world examples from two seasoned professionals.

Show Notes:

• 00:00 – Introduction to the Canadian Private Lenders Podcast and today’s hosts
• 01:09 – Welcoming The Creative Crew as new podcast producers
• 01:31 – Ryan and Neil introduce themselves and their roles at Keystone
• 02:26 – Episode topic: “A Day in the Life” of a private lender
• 03:16 – Ryan explains his focus on business development and broker relationships
• 06:00 – Networking stories from industry events and festivals
• 07:31 – The role of education in building broker trust
• 08:53 – How the podcast supports business development
• 09:11 – Managing cash flow and deal commitments
• 13:02 – Risks of overcommitting and ensuring funding availability
• 14:08 – Signing off on deals and monitoring loan quality
• 15:25 – Neil explains investor relations and capital raising
• 18:09 – Social media’s impact on attracting investors
• 20:32 – How many touchpoints does it take to close an investor?
• 21:56 – Broker relations and long-term partnerships
• 23:44 – Key roles within Keystone’s business structure
• 24:54 – A walk-through of Ryan and Neil’s typical daily schedules
• 27:19 – Key takeaways: building a business on consistency and trust

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: [email protected]

In this episode, hosts Ryan MacNeil and Neal Andreino sit down with Sanjay Ramwani, Chief Operating Officer at Indigo Blue Group of Companies. Sanjay shares his journey from traditional banking to building one of the most respected private lending firms in Ontario and Atlantic Canada.

This episode dives into Indigo Blue’s expansion strategy, their risk-first approach to lending, why they chose to become an Exempt Market Dealer, and how they’re helping other issuers stay compliant in a tightening regulatory environment. Sanjay also shares valuable insights on condo lending, investor trust, and what it takes to build a vertically integrated team in today’s market.

Whether you’re a mortgage broker, investor, or aspiring fund manager, this episode is packed with tactical and strategic knowledge from someone who’s been through it all.

Show Notes

00:00 – Introduction to Episode 93 and guest Sanjay Ramwani, COO of Indigo Blue

01:30 – Sanjay’s journey from banking to launching Indigo Blue in 2014

04:30 – How early experience at Equitable Bank shaped their lending philosophy

07:30 – Why Indigo became an Exempt Market Dealer and how it supports compliance

10:30 – Helping other issuers stay compliant in a tightening regulatory landscape

13:30 – The firm’s lending approach: beyond the GTA, focusing on borrower quality and exit strategies

17:30 – Why Indigo still lends on condos and how they mitigate risk

22:30 – Indigo’s expansion into Atlantic Canada and what makes that market unique

26:00 – Thoughts on Western Canada and future national growth

28:00 – Indigo’s fully broker-driven model and vertically integrated team

32:00 – Sanjay’s perspective on Ontario’s volatile housing market

35:00 – Market slowdown, paused condo projects, and housing supply issues

39:00 – What Sanjay loves most about working in private lending

40:15 – Best pizza and Indian food spots in Toronto 

42:00 – Closing thoughts and appreciation from the hosts

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn

Find Ryan on:
LinkedIn
E-mail: [email protected]

In Episode 92, hosts Ryan MacNeil and Neal Andreino sit down with two powerhouse voices in Atlantic Canada’s mortgage space — Daniel Cox, Team Lead and founder of United Group Mortgage Alliance, and Hannah Martens, rising star broker based in Charlottetown, PEI. This energizing conversation dives into their unique career paths, the evolution of brokerage culture in Eastern Canada, and their shared commitment to client education, mentorship, and community impact.

Daniel shares how his military background helped shape the systems and discipline behind one of Atlantic Canada’s fastest-growing brokerages. Meanwhile, Hannah opens up about carving her own path from military life to finance, the importance of team culture, and why she thrives helping first-time buyers navigate today’s complex market.

Show Notes:

• 00:00 – Opening banter: downsizing, moving pains & morning coffees
• 02:07 – Meet the guests: Daniel Cox and Hannah Martens from United Group Mortgage Alliance
• 03:05 – Daniel’s story: from military air traffic control to mortgage leadership
• 06:07 – Hannah’s journey: from injury in service to building a career in finance
• 08:00 – The origin and expansion of Mortgage Alliance in Atlantic Canada
• 15:04 – Switching brokerages: Hannah’s honest take on choosing culture over comfort
• 20:17 – Building team culture, training-based brokerages, and market specialization
• 25:01 – What makes a great broker? Grit, curiosity, and communication
• 29:00 – PEI vs NS: Market updates, pricing, down payment assistance programs
• 35:20 – Atlantic optimism vs economic uncertainty: Two perspectives on what’s next
• 43:00 – The CMA Atlantic turnaround: Advocacy, education, and leadership in action

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn

Find Ryan on:
LinkedIn
E-mail: [email protected]

Navigating the financing landscape for Airbnb and short-term rentals isn’t easy—especially when lenders see red flags. In this episode, Ryan and Neil dive deep into the unique challenges of underwriting Airbnb deals from a private lending perspective, how investors can position themselves to secure private capital or institutional financing, and why an exit strategy is critical in short-term rental financing. Enjoy the show!

Show Notes:

03:55 - The challenge of financing Airbnb properties

04:36 - Why traditional and private lenders hesitate to fund Airbnb and hotels

07:46 - A Clear and realistic exit strategy is more challenging on the Airbnb and short-term rental side

08:47 - Urban vs. rural Airbnbs: What investors need to know

12:12 - Considering the actual worst case exit looks like

13:31 - How regulation shifts in cities impact financing

14:54 - Opinions on short-term rentals in terms of government regulation

18:26 - Diving deep into the income side of Airbnb

20:19 - Airbnb regulations in Toronto, Vancouver, Montreal, and Halifax

24:02 - Airbnb properties are high reward, but high risk for lenders

24:44 - A real-world hybrid model combining student rentals + summer Airbnb for maximum ROI

26:08 - Why Airbnb investing is a full-time business, not a passive play

Resources:

• Keystone Capital Group
• CPLP Instagram: @cplpodcast
• Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn

Find Ryan on:
LinkedIn
E-mail: [email protected]