We have an exceptionally high percentage of our portfolio invested in first mortgages (82.9%), which is a core strategy and is unmatched by our peer group.
The weighted average loan-to-value ratio in our mortgage portfolio is 60.7%, with 86.8% of the portfolio below 75% loan-to-value.
Conventional mortgages are those mortgages with a loan-to-value of less than or equal to 75%. Seventy-five percent (75%) loan-to-value is the industry norm for determining a conventional versus non-conventional mortgage. Non- conventional mortgages are those mortgages with a loan-to-value in excess of 75%.
As of September 30, 2017, the average outstanding mortgage balance was $3.0 million (December 31, 2016 – $2.7 million), and the median outstanding mortgage balance was $0.8 million (December 31, 2016 – $1.0 million).
Analyses of our mortgages as at September 30, 2017 by type of mortgage, nature of the underlying property, and location of the underlying property is set out below and on the next page. The tables show the weighted average interest rate excluding lender fees paid by the borrower, which reflects the yield to Atrium including any mortgage discount or premium.