TORONTO, May 21, 2019 /CNW/ - Mortgage Company of Canada Inc. (the "Company"), a Toronto-based Mortgage Investment Corporation (MIC), is pleased to announce that its assets under management have surpassed $250 million.
The MIC was launched in November 2013 to invest in mortgages primarily for residential homes in the Greater Toronto Area. Three and a half years later, in May 2017, the MIC achieved $100 million in assets under management. It took only two years to grow the portfolio another 150% to $250 million.
The MIC reached this milestone without purchasing any mortgage pools. Every mortgage in the portfolio was originated and underwritten by management, ensuring the quality remains high. The portfolio currently comprises approximately 2,900 mortgages.
"The growth of Mortgage Company of Canada has been exceptional," said Raj Babber, Founder and CEO. "It is a testament to the hard work of our team and the strong support we have received from our Board of Directors, strategic advisor, lenders, and investors."
"Looking forward, we are confident that we can continue expanding our portfolio at a swift pace. Housing market fundamentals in the Greater Toronto Area are strong; demand for alternative mortgage financing from credit-worthy homebuyers is robust; and our credit line with Toronto-Dominion Bank and Royal Bank of Canada is a competitive advantage that facilitates our growth. While we are focused on growth, it is important to note that we are committed to maintaining our disciplined, Board-approved underwriting standards that have enabled us to generate outstanding risk-adjusted returns for our investors."
About Mortgage Company of Canada
Mortgage Company of Canada is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. The Company's objective is to target a minimum annual yield of 9.25% by providing its shareholders with monthly dividends by lending within established risk parameters.
Mortgage Company of Canada 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.
SOURCE Mortgage Company of Canada Inc.
For further information: please contact: Raj Babber, Founder and Chief Executive Officer, Mortgage Company of Canada, (866) 318-7222 ext. 222