The Summit is Alta West Capital’s quarterly journal for investors and mortgage professionals, as well as future stakeholders. It is a reflection of the philosophy that has shaped our business for over thirty years. We believe every successful investment, every successful deal, begins with a well-structured loan shaped to serve a borrower responsibly while safeguarding investor capital. Through market commentary, economic analysis, portfolio insights and perspectives from our leadership team and other financial professionals, The Summit examines the principles of disciplined lending, prudent risk management and thoughtful capital allocation that continue to define AWC across every market cycle.
“Dripping water pierces stone.”
— Ovid (Roman poet, 1st century)
The same principle applies to running a business. Success is measured across decades, not quarters. For more than 35 years, this philosophy has guided Alta West Capital. We have long believed that enduring excellence is built through consistency, not isolated moments of success. Small actions, repeated consistently over time, will eventually accomplish what once appeared impossible. The same is true of investing for long-term wealth creation. It is seldom built through dramatic decisions or speculation, but through patience, discipline, and the quiet power of compounding.
Yet investing in Alta West is only one side of the equation. Behind every mortgage is a family purchasing a home. Behind every investment is someone entrusting us with the capital they have spent a lifetime building. Between the two stands the mortgage broker, whose relationship and advice connects the borrower to the capital and makes everything possible. At Alta West Capital, we have never viewed these as competing interests. No, they are inseparably connected. Our responsibility is to create outcomes where borrowers are treated fairly, brokers are trusted partners, and investors receive disciplined, risk-adjusted returns. When one succeeds, they all succeed.
In this edition of The Alta West Summit, members of our leadership team reflect on how that commitment to disciplined execution has shaped Alta West Capital from its earliest days in a small office in the suburbs of Calgary to the company it has become today.
What Excellence Means to Us
Cal Morstad
One thing I think Charles, George and I all agree on is this: Above all else, our first responsibility is protecting investors’ capital. If you’re being reckless with someone else’s money, that is just bad business.
When I got fired from my old job, looking back, it was the best day of my life. I thought “I’m never working for anybody again.” I knew I was going to start my own business, and that became the only thing I focused on. To me, excellence in business meant never being distracted from the destination. I made every mistake along the way, but they never discouraged me because they didn’t matter. I had my target, and I was going to get there. I’d see a guy taking his family to Hawaii and think “that’s going to be me.” That was the vision.
Now, if you’re going to be successful at anything, you’ve got to put an incredible amount of time into it. And the only way you’ll happily do that is if you genuinely enjoy what you’re doing. I always did.
If you enjoy what you’re doing, the money just comes.
— Cal Morstad, Founder
I’d get to the end of the year, sit down with my accountant, and hardly remember what I’d made because I was having too much fun building the business, meeting with investors and underwriting deals. If you enjoy what you’re doing, the money just comes. It sounds cliché, but it’s true. Most people don’t realize it’s because you’ll put more time into something you seriously enjoy than anyone else ever will. That’s what sows success.
Charles McKitrick
To me, excellence must be defined before it can be pursued. For Alta West Capital, excellence is when investors feel we are exceptional stewards of their capital. Everything flows from that standard. It influences how carefully we scrutinize our underwriting, our yields, even these letters, because without investor confidence, you simply don’t have a business.
Excellence is the hardest standard to maintain because it’s human nature to cut corners. That’s where communication becomes so important. As a leader, you must cast a vision, collaborate with your team, and keep everyone accountable to the destination you’ve agreed upon together. I found that good people working together around a shared vision almost always create good outcomes, and that, in turn, reaps excellence.
Your word is your bond.
— Charles McKitrick, Executive Chairman
One lesson I learned early on was that your word is your bond. I watched Cal for years, and I never once saw him mislead an investor. George was exactly the same with bankers, financiers, and partners when he was CFO. If he said something would be done, it got done. I would only ask him how much time he needed to do it. It was never a question of “if” but “when.”
When you study your competitors you ask yourself what they do well, what they don’t, and where your business distinguishes itself. Once you find that thing you do better than anyone else, it becomes your gold standard. For us, that became underwriting risk. That’s how we expanded into Ontario all those years ago. That balance transformed Alta West Capital, and it remains one of the defining characteristics of the company today.
George Botros
I’m Alta West Capital’s third CEO, so I stand on the shoulders of giants. There’s a real legacy I feel I’ve inherited here. One thing I’ve learned in striving for excellence is that, in the big picture, it’s often more about the deals you don’t do than the ones you do. All three of us lived through the crazy periods of 2008–09, 2014–15, and even 2020. The lessons we learned through those adverse conditions are what really make you a steward of people’s capital.
It’s often more about the deals you don’t do than the ones you do.
— George Botros, Chief Executive Officer
Excellence also means helping a borrower get into a home at a decent interest rate that doesn’t fundamentally disrupt their finances. That lets them put food on the table while simultaneously providing a good risk-to-return ratio for our investors. The more good we can do for our borrowers while also providing good risk-adjusted returns for our investors, the closer we come to excellence. The same is true of our broker partners. The more solutions we can provide for their clients, the better the outcome for everyone involved. It may sound trite, but honestly, we have to remember to take care of our fellow man; that it’s not just about money; it’s also about trying to add some value to society.
Chad Danard
When TriWest invests in a business, the first thing we look for isn’t strong numbers, but good people. We have very specific criteria, selecting for a best-in-class management team that we believe can continue building the business while leveraging our resources, relationships, and experience to do it faster. Charles and George were a huge part of that. There was alignment of vision from the very beginning, and without alignment, excellence won’t emerge. Mutual trust is everything because these partnerships last a long time. We think in decades, and that means both sides of a partnership need to be transparent, trust each other, and make decisions with the same long-term objective in mind.
What impressed me most about Alta West is that the company naturally thinks about all of its stakeholders at once. In this business, you can always make short-term decisions that benefit one group at the expense of another. That may work for a while, but it isn’t sustainable. Alta West has repeatedly chosen the long-term path. There were times when management was entitled to compensation or fee revenue and chose not to take it because protecting investor returns was their priority. That told us we were partnering with the right people. We aren’t building Alta West for the next quarter. We’re building it for what it can become six or seven years from now. That requires making decisions that create lasting value for borrowers, brokers, employees, management, and investors alike. It’s a unique business being run by the right people.
We aren’t building Alta West for the next quarter. We’re building it for what it can become six or seven years from now.
— Chad Danard, TriWest Capital Partners
Finally, the principle that defines my whole career is simple: transparency. Whether it’s in business or in life, it’s always easier to avoid difficult conversations. But putting issues on the table, being honest about challenges, and dealing with them directly ultimately build stronger relationships and better businesses. For me, that’s one of the foundations of excellence.
Behind Every Deal, a Team
Between every borrower, investor, broker and stakeholder stands a dedicated team member from Alta West — the people that make it all possible. Our team is grateful to serve you and unlock possibilities, together.
Your Management Team
A Final Word
The chapters of Alta West have been authored by different leaders at different times, but the same story has always been told: disciplined underwriting, prudent risk management, and a steadfast commitment to protecting investor capital while serving our borrowers and partnering with our brokers. That is what has made this a business that has stood the test of time. After all, “We are what we repeatedly do. So excellence is not a virtue, but a habit.”
“We are what we repeatedly do. So excellence is not a virtue, but a habit.”
— Will Durant on Aristotle
Alta West Capital is always looking to connect with excellent people. If you’re a mortgage professional, an investor or stakeholder who shares our values, please see below how you can get in touch with us and help us continue to strive for excellence.
Warm regards,
The Alta West Capital Team
