TORONTO, Jan. 16, 2017 /CNW/ - First National Mortgage Investment Fund (TSX: FNM.UN) (the "Fund") today announced its monthly cash distribution of $0.05 per unit for the period January 1 to January 31, 2017. The distribution will be payable on February 15, 2017 to unitholders of record at the close of business on January 31, 2017.
The Fund also announced its intention to continue to pay $0.05 per unit per month for the remainder of 2017, subject to continued performance of the underlying mortgage assets.
About First National Mortgage Investment Fund
The Fund provides unitholders with tax-advantaged monthly distributions by investing in Canadian mortgage loans originated by First National Financial LP. Today, the Fund is fully invested in a diversified portfolio of mortgages on multi-unit residential, industrial, and retail properties as well as land. To deliver an attractive yield, the Fund invests primarily in short-term bridge mortgages, which typically bear higher rates of interest than traditional debt financing, and the Fund's manager applies leverage. To achieve its objective of preserving capital, the portfolio's weighted average loan-to-value ratio will not exceed 75%. For more information, visit the Fund's website at: www.firstnational.ca/investor-relations/first-national-mortgage-investment-fund.
About First National Financial Corporation
First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $98 billion in mortgages under administration, First National is Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit www.firstnational.ca.
About Stone Asset Management Limited
Stone Asset Management Limited ("SAM") manages the Fund. Established in 1999, SAM is an independent, Canadian-owned asset management company that specializes in structuring and managing high quality investment products. Its professionals are well regarded in the Canadian investment community for their disciplined investment process. The Fund's daily unit price can be found at: www.stoneco.com/allproducts/first-national-mortgage-investment-fund/.
SOURCE First National Mortgage Investment Fund
For further information: Robert Inglis, Chief Financial Officer, First National Financial Corporation, Tel: 416-593-1100, Email: email@example.com; Ernie Stapleton, President, Fundamental Creative Inc., Tel: 905-648-9354, Email: firstname.lastname@example.org