Alternative lender and mortgage investment manager Alta West Mortgage Capital Corporation has acquired residential mortgage financier Premiere Home Mortgage Ltd., a move intended to expand market reach and enhance capabilities.

Calgary-based Alta West announced the transaction Thursday afternoon, folding the Kelowna, B.C.-based Premiere into its operations. The companies are said to have a “long-standing relationship.” Financial terms of the acquisition were not disclosed.

The two companies serve Canadian clients who cannot access mortgage financing from traditional lenders like banks. Alta West also manages investments in housing through residential mortgage portfolios.

“We view Premiere Mortgage as an ideal fit for Alta West because their strengths complement our own,” George Botros, CEO of Alta West, said in the announcement. “For both companies, this acquisition will optimize economies of scale, realize enhanced efficiencies, and broaden our respective product offerings through coalescence.”

Alta West will grow its presence with the acquisition, while Premiere will access Alta West’s product suite, technology stack, liquidity and “operational refinements,” the release states.

Both Alta West and Premiere offer mortgage services in Alberta, British Columbia and Ontario.

RENX Homes has reached out to Alta West for comment. We will update this article with any additional information as it becomes available.

About Alta West, Premiere

Alta West has been taking steps to scale up over the past years, Botros said. In November 2024, Calgary-based private equity firm TriWest Capital Partners announced it made a majority investment in Alta West. Financial terms were not disclosed.

Founded in 1991, Alta West invests in shorter-term mortgages to homeowners and real estate investors. Such clients often need faster execution and more flexible terms than those offered by traditional lenders.

On the investment side, the Calgary-based company manages the First Place MIC and the AWM Diversified MIC portfolios, with $23 million and $223 million in assets under management as of June 30, respectively.

Premiere was founded in 1985. Its equity-based mortgage financing provided through Premiere Canadian Mortgage Corp. covers a variety of residential real estate, including housing on rural properties, acreages, hobby farms, mobile homes and small commercial buildings.

As of September 2024, Premiere Canadian Mortgage’s portfolio consisted of over $136 million in properties, with 94 per cent in the residential category. Under half were located in British Columbia, with approximately a quarter each in Alberta and Ontario.

“Our combined synergies will surely expand business operations, drive growth and diversification, and create greater long-term value for all stakeholders, particularly our valued investor and broker partners," John Mercuri, president and CEO of Premiere, said in the announcement.