(Corrects to “last month” from “earlier this month” in paragraph 3)
May 1 (Reuters) - Home Capital Group Inc, Canada’s biggest non-bank mortgage lender, said the balance in its high-interest savings accounts is expected to slump to about C$391 million ($286 million) on Monday, from C$1.4 billion a week ago.
The alternative lender said on Friday that about C$290 million was withdrawn from the company’s high-interest savings accounts the previous day, compared to C$472 million on Wednesday.
Home Capital has suffered a crisis of confidence since a securities regulator last month alleged its top executives hid mortgage broker fraud from investors, and has hired bankers to advise on funding and strategic options.
The company, which secured a C$2 billion credit line from Healthcare of Ontario Pension Plan on Thursday, said its unit expects to receive an initial draw of C$1 billion from its C$2 billion credit line on Monday.
$1 = 1.3651 Canadian dollars Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar