|Established in 2005, our flagship fund, First Circle Mortgage Investment Corporation, invests primarily in good quality residential first mortgages and residential construction mortgages secured upon properties situated throughout Southwestern British Columbia. First Circle MIC’s lending policy is that the loan amount shall never exceed 75% of the appraised value of the secured property. As at December 31, 2018 the mortgage portfolio stands at $103.4 million, consisting of 196 mortgages and having an average loan to property value ratio of 54%.
First Circle Mortgage Investment Corporation has a professional and experienced management team and is governed by a Board of Directors with extensive industry experience. On a quarterly basis, management prepares a report to shareholders detailing the fund’s performance and a corresponding dividend is distributed. Annual financial reports are produced in accordance with International Financial Reporting Standards (IFRS) and the company undergoes an annual review by the firm’s independent auditors, MNP LLP.
Because of the tax flow-through characteristics of MICs, purchasing preferred shares of First Circle Mortgage Investment Corporation is an excellent option for retirement savings. They provide a steady and stable investment plus a superior yield to most interest-bearing investment options. Preferred Shares of First Circle Mortgage Investment Corporation can be purchased through Self-Directed RRSPs, RRIFs, RESPs, and TFSAs. We are happy to assist investors with setting up a Self-Directed plan with one of our approved trustees. Preferred Shares of First Circle Mortgage Investment Corporation are also an excellent option for investors seeking a stable and reliable stream of income from their invested funds.
- Diversified mortgage portfolio investment opportunity
- Over twenty-five years of professional and experienced management
- Tax flow-through vehicle
- RRSP, RRIF, RESP, TFSA eligible
- Audited financial statements