Firm Capital Mortgage Investment Trust Announces Unit Financing

    TORONTO, Aug. 26 /CNW/ - Firm Capital Mortgage Investment Trust (the
"Trust") (TSX:FC.UN) announced today that it has entered into agreements for
the purchase, on a private placement basis, subject to approval of the Toronto
Stock Exchange, of 724,120 trust units of the Trust at a price of $10.25 per
trust unit, for total gross proceeds of approximately $7.4 million.
    It is anticipated that the proceeds from the offering will initially be
used for recently announced investment and ongoing investment commitments.
    The securities offered have not been registered under the U.S. Securities
Act of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any State in which such offer, solicitation or sale would be unlawful.
    The offering is expected to close on or about September 2, 2008.
    The Trust, through its Mortgage Banker, Firm Capital Corporation, is a
non-bank lender providing residential and commercial short-term bridge and
conventional real estate finance, including mezzanine and equity investments.
The Trust's investment objective is the preservation of Unitholders' equity,
while providing Unitholders with a stable stream of monthly distributions from
investments. The Trust achieves its investment objectives by pursuing a
strategy of growth through investments in selected niche markets that are
under-serviced by large lending institutions.

For further information:

For further information: Eli Dadouch, President and Chief Executive
Officer, (416) 635-0221,

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