Magenta Capital’s decision to suspend new loan applications until September comes less than a week after the Bank of Canada raised its benchmark interest rate by another 50 basis points
Magenta Capital Corp., one of Canada’s largest private mortgage lenders, has suspended new loan applications until September, according to an e-mail to its broker clients viewed by The Globe and Mail.
In the e-mail to clients dated June 7, Magenta said it will not be accepting any new applications that required funding before Sept. 1. It did not explicitly give a reason for the move. Magenta was established in 1994 and is one of the country’s oldest and largest MICs, with $430-million in mortgage assets under management. It provides loans to what it calls borrowers with “short-term credit challenges” and lends throughout Southern Ontario, where home prices have nearly doubled in some areas in the past two years.
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