Peoples Trust adds a secured funding facility with Schedule 1 banks in Canada.
VANCOUVER (June 27, 2018) Peoples Trust Company is pleased to announce that it has closed a $300 million secured funding facility from Bank of Montreal and CIBC. The funding facility will be secured by a portfolio of insured mortgages originated by Peoples Trust Company. CIBC acts as the Administrative Agent on the funding facility.
Grant MacKenzie, President and Chief Executive Officer, commented: “This is the maiden funding facility for Peoples Trust which will significantly improve our structural funding for insured mortgages and further diversify our funding sources. We are delighted to have the support of two Schedule 1 Banks in Canada.”
This funding facility enables Peoples Trust to increase efficiency by closely matching lending terms with flexible funding and diversifying sources with a dedicated line to enhance our strong liquidity position.
President and CEO
Samson Lim, CPA, CA
Executive Vice President and CFO