The network said that it broke multiple records in its unprecedented Q2 performance
Dominion Lending Centres Inc. has announced multiple record-breaking boosts in its financial position in the three and six months ending June 30.
DLC’s quarterly funded volumes during Q2 saw a 99% annual increase to $21.9 billion. This robust performance pushed DLC Group’s revenue up by 87% year over year to reach $21.3 million, while adjusted earnings before interest, taxes, depreciation, and amortization stood at $12.8 million (up by 124% annually).
DLC said that towards the end of the second quarter, it “further improved leverage” by repaying $6.9 million on its Sagard credit facility.
“It has been such an incredible year thus far, which we directly attribute to our industry-leading mortgage professionals,” said Gary Mauris, executive chairman and CEO of DLC. “The Q2 results for funded volumes, revenues and adjusted EBITDA are the highest quarterly financial and operational results in the DLC Group’s 15-year history.”
Read more: DLC president on what brokers should be utilizing
DLC said that over the first half of the year, the network saw $35 billion of funded volumes and $21.2 million in adjusted EBITDA – a performance level that Mauris called “a phenomenal achievement for the DLC Group of Companies.”
The surge was aided by an increase in funded mortgage volumes, which more than made up for the reductions brought about by “finance expense on the preferred share liability and an increase in net loss in the non-core business asset management segment.”
“Newton adoption remains robust as the percentage of mortgage volumes submitted through Velocity increased by 20% from Q1-2021 and 100% relative to Q2 2020,” Mauris said.
