Dominion Lending Centres Inc. Announces That Heartwood Financial Group Has Commenced Operations

Rhea-AI Summary

Dominion Lending Centres (DLCG) announces the operational launch of Heartwood Financial Group, a non-B20 residential mortgage lender in which DLCG holds a 40% equity stake. Heartwood will focus on underserved segments of the Canadian residential housing market, offering mortgage solutions through DLCG's network to borrowers who may not qualify under traditional bank requirements. The company will operate independently under CEO Grant Mackenzie, a 40-year banking veteran, and Jonathan Bundle, former Head of Mortgages at HSBC Canada. DLCG's Chairman Gary Mauris indicated that Heartwood is well-capitalized and will take a prudent approach to growth throughout 2025 to ensure operational success.

Positive

• DLCG secures 40% equity stake in a new revenue stream through Heartwood Financial Group
• Strategic expansion into underserved mortgage market segments through exclusive distribution rights
• Strong leadership team with over 60 years combined experience in mortgage lending
• Well-capitalized structure with institutional investor backing

Negative

• Conservative growth approach in 2025 may limit initial revenue potential
• Operating independently from DLCG could limit direct control over operations
• Focus on non-traditional borrowers may carry higher lending risks

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Vancouver, British Columbia--(Newsfile Corp. - June 18, 2025) - Dominion Lending Centres Inc. (TSX: DLCG) ("DLCG" or the "Corporation") is pleased to announce that Heartwood Financial Group ("Heartwood"), in which the Corporation holds a 40% equity interest, along with other institutional investors, has secured funding and commenced lending operations. Heartwood Financial Group is a non-B20 residential mortgage lender focused on an underserved segment of the Canadian residential housing market.

Heartwood will operate independently from the Corporation and is led by its CEO and President, Grant Mackenzie and Head of Sales and Operations, Jonathan Bundle, both of whom have extensive experience in the Canadian residential mortgage industry. Heartwood's residential mortgage loans will be offered exclusively through DLCG's network of mortgage professionals to borrowers who are best suited to Heartwood's product offering and qualify under its s common-sense lending policies.

"We are excited to announce that Heartwood is now well-capitalized and is commencing lending operations," commented Gary Mauris, Chairman and CEO of DLCG. "As a shareholder in Heartwood, DLCG expects to benefit from Heartwood's success, provided that Heartwood will operate and be governed independently from DLCG under the leadership of Grant and Jonathan. Heartwood will undertake a common-sense lending approach, to provide mortgage solutions to borrowers that may not otherwise qualify under traditional bank lending requirements. While we are excited to share this milestone, we expect Heartwood management will adopt a prudent approach to growth for the remainder of 2025, in order to position Heartwood for operational success in the future."

The management bios for Grant Mackenzie and Jonathan Bundle are as follows:

Grant Mackenzie, Chief Executive Officer – Grant is a seasoned North American banking executive with 40+ years of experience establishing and leading mortgage lenders. His previous roles include CEO of a Schedule I Bank and CEO of a federally regulated trust company.

Jonathan Bundle, Head of Sales and Operations– Jonathan is a banking and mortgage lending executive with 20+ years of experience. He was previously was Head of Mortgages and Secured Lending at HSBC Canada.

For brokers seeking more information on Heartwood Financial Group and its product offerings, please refer to its website at: www.heartwoodfinancial.ca.

About Dominion Lending Centres Inc.

Dominion Lending Centres Inc. is Canada's leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca.

Investor Contact:

Eddy Cocciollo President 647-403-7320 eddy@dlc.ca

James Bell EVP, Corporate and Chief Legal Officer 403-560-0821 jbell@dlcg.ca

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255755

FAQ

What is Heartwood Financial Group's relationship with Dominion Lending Centres (DLCG)?

DLCG holds a 40% equity stake in Heartwood Financial Group, which will operate independently but distribute its mortgage products exclusively through DLCG's network of mortgage professionals.

Who are the key executives leading Heartwood Financial Group?

Heartwood is led by CEO Grant Mackenzie, who has 40+ years of banking experience, and Jonathan Bundle, Head of Sales and Operations with 20+ years of experience formerly at HSBC Canada.

What type of mortgages will Heartwood Financial Group offer?

Heartwood will offer non-B20 residential mortgage loans to borrowers who may not qualify under traditional bank lending requirements, using a common-sense lending approach.

When will Heartwood Financial Group begin full-scale operations?

While Heartwood has commenced operations in June 2025, management plans to take a prudent approach to growth for the remainder of 2025 to ensure operational success.

How will DLCG benefit from Heartwood Financial Group's operations?

As a 40% shareholder, DLCG will benefit from Heartwood's success while maintaining exclusive distribution rights for Heartwood's mortgage products through its network of mortgage professionals.