The Trust Manager

The Trust Manager is Canada Penfund Mortgage Corporation. Incorporated in British Columbia in 2000, it is registered as a Mortgage Broker under the Mortgage Brokers Act of British Columbia and is regulated by the Financial Institutions Commission of British Columbia. It is a mortgage investment and management company with its principal office in Victoria, British Columbia. Its Ministry of Finance number is XO27006 MMB.

Since the 1970’s, Trust Manager officers have invested and managed many billions of dollars in commercial mortgage capital on behalf of major financial institutions, including life companies, trust companies, brokerages, banks, pension funds, credit unions and private investors.

Timothy J. Tuttle

President

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Timothy Tuttle is President of Canada Penfund Mortgage Corporation. He has worked in commercial mortgage finance since 1978 and for seventeen years prior to Canada Penfund he held executive positions with two national Life Assurance companies and in mortgage banking as Regional Manager and Vice President. Mr. Tuttle has underwritten and administered mortgage transactions in the many billions of dollars. He has vast experience in the real property investment field and has been involved in every aspect of it. He is widely known and devotes his full attention to the Pendfund Trust. He has been involved extensively in high level athletics and coaching. He is a graduate of the University of Alberta and is the Principal Broker for the Manager.

Kevin R. MacLean AACI*

Vice-President, Investment

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Mr. MacLean was a senior executive in Canada’s largest life insurance company over at 32 year career in commercial property finance and appraisal. He has underwritten and serviced commercial loans in the several billions of dollars. He holds an AACI designation and served for years as Director and Chairman of the Provincial Association of the Appraisal Institute of Canada. He holds a Certificate in Real Estate Finance from the Real Estate Institute of Canada and was a licensed property manager and agent in Alberta. He is an experienced analyst and lecturer and has formulated spreadsheets and other data systems now widely used in financial and real property analysis and lending. He has been a professional athlete and is an outdoorsman.

*denotes retired status

Michael Smethurst AACI*

Vice-President, Lending

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Since 1982, Mr. Smethurst has worked as an executive officer of three nationally based financial institutions in Toronto, Montreal and Vancouver. He led teams in mortgage underwriting and administration for life insurance and trust companies, chartered banks and has acted for pension funds. He is widely known and has broad knowledge in real property analysis and loan securitization. He has conducted extensive NHA mortgage-backed securitization and has directed the investment of several billions of dollars in mortgage securities. A graduate of the University of British Columbia, he was accredited the AACI designation by the Appraisal Institute of Canada in 1976. He has been a high level athlete competing at the provincial level.

*denotes retired status

Jennifer Carson B.Sc

Manager

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Jennifer Carson has been Manager of Administration of Canada Penfund Mortgage Corporation since 2014 and contributed to the development of the Pendfund Income Fund I Trust. She holds a Bachelor of Science from the University of Victoria, is both a graduate of the Broker Licensing Certification Program from the University of British Columbia and a registered mortgage broker licensed with the Financial Institutions Commission of BC (502535). She also holds licensing as an Exempt Market Dealer with the British Columbia Securities Commission. While attending university she was a professional vocal artist and has competed provincially and nationally in various sports. She is an active volunteer and has coached minor league hockey.

Governance and Board of Trustees

Pendfund Income Fund I is governed by a Board of Trustees. Board members are encouraged to invest their own, their corporate and families’ capital into the Fund. Trustees have ultimate oversight and will aid in the review of matters for the Fund which are related to their field of expertise.

The Board sees each new loan case prior to funding, adding to consistency with lending policy. Each Board member has access to files and documentation related to the Fund and is bound to act according to its professional Code of Ethics.

Timothy J. Tuttle, Chairman

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Timothy Tuttle is the Chairman of the Board of Trustees for Pendfund Income Fund I. He has worked in commercial mortgage finance since 1978 and for seventeen years prior to Canada Penfund, he held executive positions with two national Life Assurance companies and in mortgage banking as Regional Manager and Vice President. Mr. Tuttle has underwritten and administered mortgage transactions in the many billions of dollars. He has vast experience in the real property investment field and has been involved in every aspect of it. He is widely known and devotes his full attention to the Pendfund Trust. He is a graduate of the University of Alberta and is licensed as the Principal Exempt Market Dealer with the British Columbia Securities Commission and members of the Canadian Securities Administrators.

Kevin R. MacLean

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Mr. MacLean was a long term senior executive in Canada’s largest life insurance company in a 32 year career in commercial property finance and appraisal. He has underwritten and serviced commercial loans in the several billions of dollars. He holds AACI designation and served for years as Director and Chairman for the Provincial Association of the Appraisal Institute of Canada. He holds a Certificate in Real Estate Finance from the Real Estate Institute of Canada and was a licensed property manager and agent in Alberta. He is an experienced analyst and lecturer and has formulated spreadsheets and other data systems now widely used in financial and real property analysis and lending. He has been a professional athlete and is an outdoorsman.

Richard A. Bailey

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Richard Bailey is a licensed Chemical Engineer. He conducts environmental audit, engineering and remediation on real property across Canada. He has acted for Canada Customs and Revenue Agency in the completion of over 70 projects and is an expert in alternative sustainable fuels. He is an executive officer in various research firms and technology consultant to Sustainable Development Technology Canada and to the Natural Science and Engineering Research Council. He has designed and conducted environmental audits on oil refineries and is a member of the Association of Professional Engineers, Geologists and Geophysicists and Professional Engineers and Geoscientists. His contributions to the industry are internationally recognized. Mr. Bailey watches environmental matters for Pendfund Income Fund I.

William D. MacPherson 

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Mr. MacPherson is a founding partner of MacPherson Adams, a Chartered Accounting firm operating in Victoria, B.C. since 1980. He carries on a practice in accounting and audit, corporate and personal taxation, acquisition and divestiture structuring, strategic planning and management consulting. Bill is a member of the Institute of Chartered Accountants of British Columbia. He earned his Bachelor of Commerce in 1976 from UBC and a Chartered Accountant designation in 1979 while in the employ of Price Waterhouse. He is active in various causes in the community, has competed nationally in amateur golf and badminton and has been active in coaching in amateur sports.

 Dawson J. Mullin

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Dawson Mullin is a leading real estate and mortgage lawyer based in Victoria, British Columbia. Upon graduating from the University of Victoria, Mr. Mullin completed a Juris Doctor from Australia’s Bond University. In 2011, he established Dawson Mullin Law, a firm specializing in the purchase and sale of real estate assets, banking and mortgage lending. The firm acts for major banks, credit unions, institutional and other lenders in British Columbia and his practice has grown to be one of Victoria’s busiest and most industrious. He was a competitive athlete in the sports of soccer and karate and when not working, spends his time with his growing family.

Legal

 David K. Cox QC

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Since 2000, Mr. Cox has been a senior partner with Witten LLP, an Edmonton Law Firm which carries on a national practice focusing on commercial development, secured lending transactions on behalf of major financial institutions, creditors’ rights, collections and landlord tenant law. His practice focuses on commercial real estate, commercial lending, business law and estates. He has been active in charitable and conservation-based organizations including Trout Unlimited, Ducks Unlimited and athletic clubs, and is a past president of an Edmonton Ski Club. He was a top-level downhill ski racer, coach and a ranked tennis player. Mr. Cox is a graduate of the University of Alberta and was awarded the title of Queen’s Counsel in 2002.

Frank Carson QC

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S. Frank B. Carson, Q.C. has been a partner in the law firm of Cox Taylor
, located in Victoria BC since 1983 and practices business and real estate law. He has acted as legal counsel for several Provincial Government ministries, 
Crown Corporations and other institutional private sector clients. 

Mr. Carson was appointed to the Vancouver Island Health Authority’s Board of 
Directors in November 2010 and is involved with family businesses in Greater
 Victoria and the Lower Mainland. 

Previously a municipal councillor with the District of Oak Bay for 12 years, 
Frank’s commitment to the community is reflected in his involvement with 
numerous boards and committees including the Queen Alexandra 
Centre for Children Foundation, the City of Victoria Police Board, Oak Bay
Heritage Foundation, Greater Victoria Labour Relations Association and the 
Greater Victoria Library Board. 

He is a versatile athlete and represented British Columbia and Canada in the 
game of rugby.

Del Elgersma

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Del Elgersma is a founding partner of Beacon Law Centre, and practices in the areas of real estate, business law, estate planning and trusts. Del has served as Chair of the Victoria Wills & Trusts Section of the Canadian Bar Association and as President of the Saanich Peninsula Chamber of Commerce. He currently serves as a provincial appointee to the Central Saanich Police Board, and as a director of Pacific Christian School. Del is a graduate of UBC Law School and was called to the bar as the province’s youngest lawyer in 1992. He has since practiced in Vancouver and Victoria in the service of varied institutional and private clients. Beacon Law has 3 locations in Victoria and was awarded Business of the Year by the Saanich Peninsula Chamber of Commerce. Outside of work, Del is a competitive swimmer and triathlete and spends time with his family.

Kim Ho

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Kim Ho is a Partner with Thorsteinssons LLP Tax Lawyers. Mr. Ho received a B.A. (Honours) in economics from Queen’s University and an LL.B from the University of Victoria. While attending the University of Victoria, he was awarded the 2008 Stikeman Elliot/Carswell National Tax Award, the British Columbia Superior Court Judges Scholarship and the President’s Scholarship. Kim is a member of the Canadian Tax Foundation and the Taxation Law Section of the Canadian Bar Association. He was called to the British Columbia bar in 2010.