The company holds approximately 50 individual mortgages on average in the portfolio at any given time. These are mostly 1st mortgages, as well as some 2nd mortgages. The Income Tax Act requires a MIC to maintain a minimum of 50% of its loans on residential property (single family or multi family). The balance of the remaining funds can be invested in commercial mortgages (office, industrial, retail, land or developments e.g. bare land strata projects), and short-term investments. We lend primarily in BC and Alberta. The loans are typically one year terms so the portfolio is very fluid and the mix changes from time to time as we receive payouts on mortgages and make advances on new mortgages.
Multifamily
| Description |
Location |
Loan Amount |
| First mortgage construction loan for 90% of cost to build a 33 unit apartment condominium project. |
White Rock, BC |
$9,100,000 |
| Second mortgage on 35 residential condominium units and 17 residential strata units. |
White Rock and New Westminster, BC |
$1,225,000 |
| First mortgage on a 48 unit apartment building. |
Sherwood Park, AB |
$4,320,000 |
| Lead lender for a first mortgage construction loan on a 72 unit apartment condominium project to be built on 3.52 acres of land. |
Lake Country, BC |
$16,000,000 |
| First mortgage on a 30 unit apartment building to be strata titled and marketed as individual units. |
Winnipeg, MB |
$1,400,000 |
Single Family/Subdivisions
| Description |
Location |
Loan Amount |
| First and second mortgage at 90% of cost to service 57 single family estate lots. |
Edmonton, AB |
$10,800,000 |
| Second mortgage over 52 fully serviced waterfront and water view lots. |
Vancouver Island, BC |
$6,000,000 |
| Second mortgage on 19 lots and 1 single family home in a newly created subdivision. |
New Westminster, BC |
$767,000 |
| First mortgage on 160 acres of land; loan used to service 43 single family lots in first phase of subdivision. |
Sexsmith, AB |
$4,000,000 |
| First mortgage on 40 fully serviced single family lots and 1 spec home. |
Kamloops, BC |
$5,275,000 |
Commercial/Industrial
| Description |
Location |
Loan Amount |
| First mortgage to assist in the construction of an 18,000 sq. ft. strata office/warehouse building. |
Airdrie, AB |
$2,200,000 |
| First mortgage on an 18,750 sq. ft. commercial building. |
Edmonton, AB |
$1,400,000 |
| Second mortgage on 4 commercial buildings. |
Langley, BC, Camrose, Vegreville, and Edmonton, AB. |
$2,000,000 |
| Second mortgage on an office/retail building containing 22,500 sq. ft. of net leasable area. |
Edmonton, AB |
$500,000 |
Land Loans
| Description |
Location |
Loan Amount |
| First mortgage on 100 acres of land for future single family development. |
Chilliwack, BC |
$6,000,000 |
| First mortgage on a 2.76 acre commercial site. |
Cochrane, AB |
$820,000 |
| First mortgage on a 13 acre waterfront property. |
Saanichton, BC |
$1,700,000 |
| First mortgage on two adjoining lots totalling 78.26 acres for proposed single family subdivision. |
Rocky View, AB |
$3,100,000 |
| First mortgage on three adjacent commercial lots on Homer Street in Downtown Vancouver. |
Vancouver, BC |
$3,600,000 |
