Online mortgage lender Nesto acquires mortgage finance company CMLS Group

The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022. Online mortgage lender Nesto says it has acquired mortgage finance company CMLS Group. Financial terms of the agreement were not immediately available. THE CANADIAN PRESS/Nathan Denette

By The Canadian Press

Posted Jun 21, 2024 12:36:22 PM.

Last Updated Jun 21, 2024 12:40:10 PM.

MONTREAL — Online mortgage lender Nesto says it has acquired mortgage finance company CMLS Group.

CMLS Group, one of Canada’s largest independently owned real estate finance companies, offers a wide range of commercial lending services, residential mortgages and institutional services.

The combined company will have over 1,000 employees across 10 offices and more than $60 billion in mortgages under administration. Financial terms of the agreement were not disclosed.

Nesto chief executive Malik Yacoubi will be CEO of the combined company, while CMLS chief executive Sam Brown will continue as president and head of the commercial division.

The combined company expects to keep the Nesto, CMLS and Intellifi brands.

Nesto says the deal was supported by investments from Diagram Ventures, Portage, National Bank of Canada’s corporate venture capital arm, IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ and Fondaction.

This report by The Canadian Press was first published June 21, 2024.

The Canadian Press

Submit a Correction

Accessibility Feedback

Top Stories

Driver made a 180 degree turn across three lanes on Hwy. 401 near Cambridge OnRoute

Driver made a 180 degree turn across three lanes on Hwy. 401 near Cambridge OnRoute

A driver is facing a slew of charges for allegedly turning right into oncoming traffic and going the wrong way near the Cambridge OnRoute station to avoid being pulled over, Ontario Provincial Police (OPP)...

44m ago

University of Waterloo sues pro-Palestinian encampment for $1.5M

University of Waterloo sues pro-Palestinian encampment for $1.5M

The University of Waterloo is suing the participants and organizers of the pro-Palestinian encampment on its main campus for $1.5 million. The court document published on the University's website says...

37m ago

Driver possibly tried to get a 7-year-old girl into his car: Police

Driver possibly tried to get a 7-year-old girl into his car: Police

Police in Guelph are asking for help from the public after a disturbing incident between a driver and a little girl. Officials say it happened around 7:30, Wednesday night, near Simmonds Drive and Inverness...

3h ago

Crombie vows to appoint special investigator to look at Ford deals if elected, including science centre

Crombie vows to appoint special investigator to look at Ford deals if elected, including science centre

If Ontario Liberal Leader Bonnie Crombie wins the next provincial election, one of her first actions as premier would be to appoint a special investigator to conduct a "comprehensive investigation" into...

44m ago

Top Stories

Driver made a 180 degree turn across three lanes on Hwy. 401 near Cambridge OnRoute

Driver made a 180 degree turn across three lanes on Hwy. 401 near Cambridge OnRoute

A driver is facing a slew of charges for allegedly turning right into oncoming traffic and going the wrong way near the Cambridge OnRoute station to avoid being pulled over, Ontario Provincial Police (OPP)...

44m ago

University of Waterloo sues pro-Palestinian encampment for $1.5M

University of Waterloo sues pro-Palestinian encampment for $1.5M

The University of Waterloo is suing the participants and organizers of the pro-Palestinian encampment on its main campus for $1.5 million. The court document published on the University's website says...

37m ago

Driver possibly tried to get a 7-year-old girl into his car: Police

Driver possibly tried to get a 7-year-old girl into his car: Police

Police in Guelph are asking for help from the public after a disturbing incident between a driver and a little girl. Officials say it happened around 7:30, Wednesday night, near Simmonds Drive and Inverness...

3h ago

Crombie vows to appoint special investigator to look at Ford deals if elected, including science centre

Crombie vows to appoint special investigator to look at Ford deals if elected, including science centre

If Ontario Liberal Leader Bonnie Crombie wins the next provincial election, one of her first actions as premier would be to appoint a special investigator to conduct a "comprehensive investigation" into...

44m ago

Most Watched Today

WestJet CEO: union “divorced from reality”

WestJet CEO: union “divorced from reality”

The union representing WestJet mechanics have served strike notice, meaning workers could be off the job Friday night. The airline’s CEO says their offer is raises of 22% over 4 years, something any other union would accept.

18h ago

Severe flooding overwhelms U.S. upper midwest

Severe flooding overwhelms U.S. upper midwest

At least two people are dead after days of severe storms and flooding in the U.S. upper midwest. Laura Aguirre looks at the catastrophic situation.

20h ago

Ontario automatic licence plate renewals to begin on July 1

Ontario automatic licence plate renewals to begin on July 1

As of July 1, Ontario owners of passenger vehicles, light-duty trucks, motorcycles and mopeds will be able to have their licence plates automatically renewed if there aren’t any outstanding fines or tickets.

Byelection could intensify calls for Trudeau to quit

Byelection could intensify calls for Trudeau to quit

The loss of Toronto-St. Paul's - a longtime Liberal safe seat, could see calls for Justin Trudeau's resignation grow. But polling shows none of the potential candidates impress undecided voters.

Can Trudeau survive Toronto byelection loss?

Can Trudeau survive Toronto byelection loss?

Prime Minister Justin Trudeau's Liberal party has lost a byelection in Toronto-St. Paul's. Glen McGregor discusses what kind of pressure the P.M. could be facing within his party after losing a long-held riding.