DBRS Assigns Primary and Special Servicer Rating to Montrose Mortgage

DBRS has assigned an initial rating of Adequate in respect to the Primary Servicing and the Special Servicing of Montrose Mortgage Corporation Ltd. (Montrose). This rating is based on the review of Montrose’s operations conducted at its office located in Winnipeg, Manitoba, in the areas of organizational structure, management team, asset administration, risk or loss management, technology, staffing and training, policies and controls, and financial strength.

The rating is based on the following factors:
-- Experience and tenure of its staff, who have been working together for over 15 years.
-- Geographical representation gained through its regional mortgage banking offices across Canada, which enhances the depth of its responsibilities and staff and brings local market knowledge to its servicing operations.
-- Comprehensive loan servicing management and reporting tools.
-- Ability to service various types of loans by property types, loan type and region.
-- Longevity in the commercial mortgage loan servicing business.

Montrose has been an approved National Housing Act (NHA) lender since it received its designation from the Canada Mortgage and Housing Corporation (CMHC) in 1969. Assets under management include a portfolio of approximately 600 commercial mortgage loans totalling $2.3 billion across all provinces and territories in Canada.

Note:
All figures are in Canadian dollars unless otherwise noted.