Investors
A Mortgage Investment Corporation (MIC) is a corporation specifically designed to invest in real estate financing. Investors purchase Preferred Shares in the MIC and receive a proportional interest in the fund's portfolio and the income it generates. Our MIC holds only first place real estate loans and operates with specific investment criteria outlined in an Offering Memorandum filed with the BC Securities Commission annually. All loans are secured by First mortgages on BC or Alberta real estate for development and pass a vigorous underwriting process by a lending committee.
Initial Investment: $15,000 minimum
Secure Investments:
- Registered first mortgage charge on British Columbia and Alberta Properties
- Diversified portfolio mix to enhance security (location, term, rate, project)
- Will only lend to a maximum of 75% of the appraised value of the approved project
- Short loan terms (twelve to twenty-four months) to allow quick adjustment of lending parameters
- Prospective borrowers must pass a rigorous application process
Superior Returns:
- 7.71% Yearly Interest Average Since 2001
Steady Savings:
- Dividends paid quarterly
- Eligible for non registered funds, RRSP and RRIF investments
- Free RRSP/RRIF registered plan account
- No hidden fees
- Choose to be paid by cheque, direct deposit, or maximize your return by reinvesting your dividend
- Dividends qualify as interest income. First Island provides a T5 at year end
Redemption Process:
- 18 months from the date of deposit, Investors may request their principal upon 90 days' written notice, subject to available funds from repayments or new investments.
Regulatory
- Our audited financial statements are filed annually with the BC Securities Commission
- Member of the Better Business Bureau
- Member of the Mortgage Brokers Association
- Member of Real Estate Institute of B C, Member of Urban Development Institute
- Member of Mortgage Investment Association of BC