Vancouver’s TIMIA Capital is acquiring Brightpath Capital, one of Canada’s leading private providers of residential mortgages focused on Ontario and British Columbia, for approximately $30.5 million.
Post acquisition the combined company will have pro forma assets surpassing $200 million and the acquisition is expected to be immediately accretive for TIMIA shareholders
Brightpath specializes in arranging mortgages for those who are seeking alternatives to traditional banking institutions. Over the past 10 years Brightpath has grown significantly by offering private credit to individuals who are self-employed, experiencing credit issues, or looking at real estate renovation or development projects.
TIMIA Capital democratizes private credit for investors by offering a broad range of speciality private credit opportunities with transparency and efficiency, facilitated by the company’s proprietary technology platform.
These high-yield loan opportunities are delivered through two operating divisions: TIMIA Capital which offers revenue-based investment to fast growing, business-to-business Software-as-a-Service (or SaaS) businesses in North America, and Pivot Financial which specializes in asset-based private credit targeting mid-market borrowers in Canada.
“Brightpath Capital significantly increases our size and profitability and opens our private credit business model to the lucrative real-estate mortgage markets in Canada,” said Mike Walkinshaw, CEO of TIMIA.
“TIMIA began as a specialist in SaaS revenue based lending but has quickly grown to offer a broad spectrum of specialized private credit opportunities to Canadian investors. Our technology driven loan origination and underwriting platform allows us to offer scalability and transparency to other vertical segments of the private credit industry, opening up a traditionally restricted asset class to a broader range of investors.”
Brightpath expects to accelerate its growth through the combination with TIMIA. The Brightpath management team will continue to operate the mortgage lending company.
“TIMIA is a great fit for Brightpath as we prepare for our next growth phase of successfully providing mortgages to those in need,” said Blake Albright, President of Brightpath Capital Corporation. “TIMIA’s proven technology-based loan origination and management platform and access to capital will benefit both companies.”