- Shares of MIC’s are an eligible investment for self adminstered RRSP, RRIF, or Tax Free Savings Accounts can be purchased directly by an individual or a corporation.
- The company has been consistently profitable from inception and recently completed its 22nd year, providing a return of 8.10% per annum.
- The average mortgage advance against property value is approximately 51%*.
- Risk is well spread between the provinces of BC, Alberta, Manitoba, and Ontario as well as over 500 mortgages.
- In terms of dollars outstanding 96% of the portfolio consists of first mortgages*.
- The company operates properly under the auspices of the BC Securities Commission.
- Over 95% of mortgages are residential with the average mortgage size being approximately $192,500*.
- As noted on the enclosed graph, the company’s losses in the past have been very nominal, with total losses over the last 5 years being under $415,000. Furthermore, we have $650,000 set aside against future losses.
- The company is administered by Premiere Home Mortgage Ltd. , a government licensed mortgage broker in the provinces of BC and Alberta, who has been in business for 34 years. Premiere Home Mortgage has an experienced management team with combined lending experience of over 50 years.
- The company’s financials are fully audited, and detailed. Comprehensive reports are provided to our investors on a quarterly basis.
- Each shareholder holds 1 Class A, voting share, and is eligible to vote at the company’s Annual General Meeting.
- Interest is paid out annually, by November 29th of each year. Our net income must be paid out annually within 90 days of our fiscal year end; August 31st.
- All funds for share purchases are handled by our solicitors who also hold the shares in trust for investors, with the exception of those held by the trustees of self administered RRSP, RRIF, and Tax Free Savings Accounts.
- The Office of the Registrar of Mortgage Brokers at the Financial Institutions Commission regulates the mortgage brokering and lending activities of Mortgage Investment Corporations (MICs) under the Mortgage Brokers Act. The Registrar and the Mortgage Brokers Act do not regulate the capital raising and investment marketing activities of MICs which are subject to securities legislation and regulation.
*All figures as of August 31st, 2018
Disclaimer: There is no guarantee that the company’s future performance will match, or be similar to past performance, as circumstances and market conditions are constantly changing.