Reported 11 months ago
Nesto Inc., a Canadian online mortgage company backed by Montreal’s Desmarais family, has acquired real estate financier CMLS Group, resulting in a merged entity with over C$60 billion in mortgages under administration. The deal, with undisclosed financial terms, was supported by investments from Diagram Ventures, Portage, IGM Financial, National Bank of Canada, and others. Nesto plans to continue operating CMLS business units while exploring new lines like commercial lending, aiming to capitalize on the Canadian mortgage market with the rising demand for housing.
Source: YAHOO