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All of us at True North Mortgage wish to thank everyone for the support and well wishes we have received from across Canada. We would especially like to thank ING Direct and our many other lenders for their continued support.

We are grateful that CBC allowed us to pitch our business on the Dragons' Den and extend our gratitude to the dragon's who showed their support for our business by making an investment offer. 

Many of you are likely curious to know the results of the dragons' offer and how things proceeded after the show was taped in June.

The due diligence process was completed by the end of July and went fairly quickly and smoothly. We were given a letter of intent which very closely matched the offer made on the show. It included investments from Jim, Arlene and Kevin whom offered us a $250,000 debenture (loan) convertible into 50% of the company's shares at the Dragon's option.

However, the letter of intent did not include many of the details that we required in order to ensure the ongoing support of the Dragons. We went back to the Dragons numerous times with additional clauses but were repeatedly rebuffed.

Thus, after much deliberation we decided not to go ahead with the deal.

We could not get comfortable with the level of proactive leadership and tangible management support we would receive from the Dragons in the future given the level of equity we were giving up and the very modest valuation the Dragons' were willing to place on this business. (~0.70 of 2007 EBITDA, for you MBA dudes)

True North Mortgage continues to grow organically, with a second store scheduled to open in February of 2008 and a third by mid 2008. The new stores will be located in the Calgary downtown core.

If you are a skilled mortgage broker located in Calgary and have previous banking experience and good attitude, please send you resume and cover letter to jobs@truenorthmortgage.ca

We serve Canadians from coast to coast. No Fees, Great Rates and Unbeatable Service. 

Sincerely,

The Team at True North Mortgage