Company
Lanyard Financial Corporation has been involved in the mortgage lending and real estate investment business since 1999. The principal focus of the lending business consists of bridge loans in amounts of approximately $1,000,000 to $15,000,000 with first mortgage security against real property in situations generally "just outside the bank envelope". The majority of these loans paid monthly interest at a rate in the order of 8% to 10%.
Lanyard's lending program focuses on interest-only loans with a term of one year, extendible for one additional year at the option of the borrower. Lanyard offers no penalty on pre-payment subject to minimum interest in the order of eight months. A reserve to cover interest not payable from cash flow can be arranged from loan proceeds for real estate assets such as land or hotels (during months of low occupancy). A project reserve to cover development costs can also be established from loan proceeds for development projects in certain circumstances. Lanyard does not provide construction financing. Second mortgage loans can be arranged in cases where lending value is relatively low in regard to the value of the underlying security. Fees are payable by the borrower from the proceeds of each loan arrangement.
Lanyard has also participated in a number of real estate investment transactions involving the purchase of cash flow producing assets, including apartment buildings, commercial buildings, parking lots, hotel operations and development land. The most recent investment property divestiture, being a medical office building located in Victoria, B.C., resulted in a 30% simple annualized return to investors over a six year holding period.
No mortgage loan or real estate investment funded by Lanyard since inception of its business has resulted in a loss of invested principal. Loans and real estate transactions are focused in Canadian urban centres. The principal place of business and registered office of the company is Suite 1180 – 1066 West Hastings Street, Vancouver, British Columbia V6E 3X2.
Our Team
Brian Chelin, Principal
Brian Chelin provides Lanyard with twenty years of real estate development and finance experience. From 1994 to 1999, Brian was an executive of Hyland Turnkey Limited, an international real estate development, investment and management company based in Vancouver, British Columbia. From 1992 to 1994, he was an account manager with Sun Life Trust of Canada responsible for underwriting and managing a significant commercial mortgage portfolio spanning Western Canada. Prior to this, Brian worked in a variety of roles for several real estate development companies. Brian graduated from the University of British Columbia in 1989 with a Bachelor of Commerce Degree specializing in Urban Land Economics. He also obtained a diploma in International Business Studies from the University of Copenhagen in 1988.
Ron Erdman, Principal
Ron Erdman brings to Lanyard extensive experience acquired from a career spent in corporate finance and senior corporate management. From 1997 to 2003, he was President and Chief Executive Officer of Allied Hotel Properties Inc., a publicly listed hotel ownership and management company. Prior to this, Ron was Chief Financial Officer and Director of Nam Tai Electronics Inc., a New York Stock Exchange listed manufacturing company. Ron served as Chief Executive Officer of HSBC Capital Canada Inc. from 1990 to 1995 and was employed by Pemberton Securities Inc. from 1980 to 1989, lastly as Vice-President and Director. Ron served nine years on two Vancouver hospital foundation boards and was a Founding Council Member of Simon Fraser University's Segal Graduate School of Business. Ron obtained a Bachelor of Science (Chemical Eng.) from Queen's University, Kingston, Ontario in 1973 and a Master of Business Administration from the Cranfield School of Management, England in 1979.
Ben Goldberg, Principal
Ben Goldberg brings to Lanyard expertise derived from a thirty year career as a corporate lawyer. From 1978 to 1992, Ben was an associate, and later a partner, in the Vancouver law firm of Freeman and Company. In 1992, he became a founding partner of the Vancouver based business law firm of Koffman Kalef where his practice areas included business acquisitions, mergers and divestitures, and the structuring of business relations. Ben attended the Hebrew University of Jerusalem, Israel and the University of British Columbia, Canada where he received his Bachelor of Arts degree in 1974. He later attended Dalhousie University in Nova Scotia where he obtained his LLB in 1977 and, as a Commonwealth Scholar, attended Oxford University where he obtained his Masters in Jurisprudence in 1980. Ben is a member of the British Columbia Law Society and the British Columbia and Canadian Bar Associations.
Mike Saba
Mike Saba provides Lanyard with experience in real estate lending and finance. From 2006 to 2008, Mike managed a diverse portfolio of customer accounts as a Relationship Manager in the commercial banking department of HSBC Bank Canada. Mike also has experience in the audit and tax departments of two Canadian government agencies. He attended the University of Swansea in Wales and Dalhousie University in Halifax, Nova Scotia where he received his Bachelor of Commerce degree in 2005 with a concentration in Finance and International Business.