Ep.113 | How Keystone Built a Private Lending MIC | Founders Explain Deals, Investors & Growth

How does a private lending firm actually get built?

In this episode of the Canadian Private Lenders Podcast, the co-founders of Keystone Mortgage Investment Corp sit down for a candid, behind-the-scenes conversation on how the business started, how it scaled, and what really matters in private lending.

Keystone Team Ryan, Neal, Sam, and Zach speak on:
• How Keystone launched from scratch in 2023
• The transition from a capital group to a fully structured MIC
• What brokers need to submit stronger, faster deals
• How investors evaluate risk, returns, and transparency
• Why process, underwriting, and communication matter

The episode wraps with a more personal discussion on travel, sports, hobbies, and life outside of private lending, making this one of the most open and informative Keystone episodes to date.

00:00 – Episode intro & holiday energy
00:38 – Welcome to Episode 113
01:39 – Meet the Keystone team
02:46 – Ryan’s role as President & broker relations
04:11 – Neal on investor relations & capital raising
05:23 – Zach on underwriting, risk & operations
07:48 – What Keystone lends on (and who it’s for)
09:42 – How Keystone started in 2023
11:56 – Funding the first deal with personal capital
12:44 – Why Keystone transitioned into a MIC
15:28 – Early risks, career leaps & growth challenges
18:56 – What brokers should know before submitting deals
21:04 – How to submit cleaner, fundable private deals
23:57 – How investors can learn about Keystone MIC
26:25 – Investor expectations & capital timelines
30:53 – Hobbies, travel & life outside lending
36:04 – Holiday message & closing thoughts

Resources:
Keystone Capital Group
CPLP Instagram: @cplpodcast
Keystone Instagram: @keycapgroup

Find Neal On:
Instagram: @neal.andreino
LinkedIn: Neal Andreino

Find Ryan on:
LinkedIn: Ryan MacNeil
E-mail: ryan@keycap.ca