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Our Business

Many mortgage providers are constrained by a lack of flexibility. We are flexible, nimble and provide mortgages to quality borrowers where larger financial institutions do not offer competitive terms and structures. Typical loans are for bridge financing, land assembly, and infill construction, with interest rates of 7.75% to 10% per annum, a one to two-year term, and monthly interest-only payments. We lend in Ontario, Alberta and British Columbia.

We are Canada’s premier non-bank lender™. Our objective is to provide investors with stable, safe, and reliable returns and to preserve capital. Through conservative underwriting and custom structures, we provide mortgages to borrowers whose financing needs are not being met by larger financial institutions. As a Mortgage Investment Corporation, 50% of our investments must be in residential mortgages, and we distribute all of our earnings every year.

The weighted average loan-to-value ratio of our mortgage portfolio, as a whole, at the time of underwriting each loan in our portfolio, may not exceed 75%. A typical loan in our portfolio has an interest rate of 7.75% to 10% per annum, a one or two-year term and monthly interest-only mortgage payments. Our lending parameters are as follows:

  • Mortgages on income-producing real estate up to a maximum of 85% of appraised value.
  • Mortgages on residential and commercial properties up to a maximum of 75% of appraised value.
  • Loans on single family residences up to 75% of appraised value.
  • Construction loans up to a maximum of 90% of cost.
  • Loans to condominium corporations.

Mortgage loan amounts are generally $300,000 to $30 million. The largest single mortgage in our mortgage portfolio as at December 31, 2021 was $40.8 million (December 31, 2020 - $43.0 million). For loan amounts in excess of $30 million, we generally co-lend with a financial institution or private lender.

The parameters listed above are our maximum mortgage lending parameters. At December 31, 2021, the weighted average loan-to-value ratio of the mortgage portfolio was 60.9% (December 31, 2020 - 61.0%).

As a mortgage lender, we are positioned to occupy the gap caused by the limited number of financial institutions operating in Canada.

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