In Episode 126 of the Canadian Private Lenders Podcast, Ryan and Neal tackle a topic that’s quietly reshaping the entire mortgage industry: the difference between private lenders and alternative lenders.

For years, the terms have been used interchangeably. But with new perspectives from the Canadian Alternative Mortgage Lenders Association (CAMLA), that definition is being challenged, and it could change how lenders, brokers, and investors view the space.

This episode breaks down what truly separates private lending from alternative lending, from regulation and risk management to underwriting, capital structure, and borrower perception. The guys also share firsthand insights from operating a MIC, navigating audits, and seeing how institutional lending differs from “true” private lending.

If you’re a broker, investor, or borrower trying to understand where non-bank lending is heading, this is a must-listen.

Show Notes:

00:33 – Episode 126 kicks off + intro to topic

02:58 – Hockey rink business idea + lending discussion

04:30 – Topic introduced: Alternative vs Private lending

05:13 – CAMLA’s position: Are lenders mislabeled?

06:55 – Market update: Ontario lending sentiment shifting

08:04 – Why the distinction matters (regulation, risk, oversight)

08:46 – Definition: Alternative lenders explained

09:47 – Why “alternative” may be the better label

10:26 – Real-world example: audits & regulatory pressure

11:56 – What defines an alternative lender (structure + capital pools)

13:41 – Key distinction: pooled capital vs deal-by-deal lending

14:18 – Standardization vs flexible pricing in private lending

15:46 – Definition: Private lenders explained

16:43 – Risks & lack of structure in private lending

18:26 – Where MICs actually fit in this spectrum

19:56 – The stigma problem in private lending

21:19 – Simple breakdown: alternative vs private

23:07 – Rebranding debate: should lenders change positioning?

25:30 – Investor & borrower misconceptions

26:32 – Why redefining the category matters long-term

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]