- 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 (1996-2022) and recently completed its 27th year, providing a return of 7.11% per annum for the 2022-23 fiscal year.
- The average mortgage advance against property value is approximately 52%*.
- Risk is well spread between the provinces of BC, Alberta, Manitoba, and Ontario as well as over approximately 390 mortgages.
- 96% of the total portfolio consists of first mortgages*.
- The company complies with applicable securities legislation.
- Over 95% of mortgages are residential with the average mortgage size being approximately $231,500*.
- 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 roughly $466,000. Furthermore, we have $732,000 set aside against future losses.
- The company is administered by Premiere Home Mortgage Ltd. , a government licensed mortgage broker in the provinces of BC, Alberta and Ontario, who has been in business since 1985. Premiere Home Mortgage has an experienced management team with combined lending experience of over 50 years.
- The company’s financials are fully audited. 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.
- Our net return to share holder 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 Company relies on the Offering Memorandum Exemption. The Offering Memorandum is available through our Exempt Market Dealer (EMD), Fairmont Asset Management Inc.
- 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, 2023
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.