TORONTO, Oct. 26, 2016 /CNW/ - Mortgage Company of Canada Inc. ("MCC"), a fast-growing Toronto-based mortgage investment corporation, today announced that it has increased its line of credit with The Toronto-Dominion Bank (TD) from $15 million to $25 million.
"We have a strong established relationship with TD, which has been providing a line of credit to us since 2014. In fact, this increase represents the second increase to the line during that time," said Mr. Raj Babber, CEO & President. "We believe that our consistent generation of excellent returns underlines the strength of both our market and our business model, providing confidence to all stakeholders."
MCC has a robust platform for mortgage asset expansion through its established network of high-quality independent brokers. MCC maintains a proven investment process that includes strict underwriting criteria, small average mortgage amounts and a focus on detached or semi-detached residential properties primarily in the Greater Toronto Area.
MCC intends to use the increased available capital under its line of credit to expand its residential mortgage investments in the Greater Toronto Area, where management sees significant growth opportunities.
About Mortgage Company of Canada Inc.
MCC is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. MCC's objective is to target a minimum annual yield of 9.0% by providing its shareholders with stable monthly dividends while preserving shareholders' capital by lending within conservative risk parameters.
Mortgage Company of Canada Inc. is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada). For further information on Mortgage Company of Canada, please visit www.mcoci.com
This press release may contain "forward looking information" that is based on expectations, estimates and projections as of the date hereof. Such information involves risks and other factors that may cause actual results to be materially different.
SOURCE Mortgage Company of Canada Inc.
For further information: Raj Babber, Chairman, Chief Executive Officer & President, Mortgage Company of Canada, (866) 318-7222 ext. 222