TORONTO, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Firm Capital Mortgage Investment Corporation (the "Corporation") (TSX: FC) is pleased to announce the launching of its direct to consumer retail residential mortgage lending platform - FC Mortgage. FC Mortgage aims to lend to Canadian home owners and foreign investors and will focus on residential first & second mortgages and lines of credit in the Greater Toronto Area (GTA) market. Pricing will be based on loan to value with interest rates starting at 5% and ranging to 9% per annum. Loan to value percentages will determine the interest-rate, with mortgage terms of 1 to 2 years offered, so that borrowers can establish a payment history and refinance with a chartered bank at maturity.
Please visit www.FCMortgages.ca for more details.
ABOUT THE CORPORATION
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation's investment objective is the preservation of shareholders' equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. The Corporation is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, the Corporation is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the Corporation had been made directly by the shareholder. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management discussion and analysis of the Corporation, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on the Corporation’s website at www.firmcapital.com.
For further information, please contact:
Firm Capital Mortgage Investment Corporation
Eli Dadouch
President & Chief Executive Officer (416) 635-0221
Boutique Mortgage Lenders®
FC Mortgage is the residential funding affiliate of Firm Capital Mortgage Investment Corporation, who’s lending and administrative activities are managed by Firm Capital Corporation (“FCC”) – Ontario Mortgage Brokerage, Lenders and Administrators Act License #10164, Administrators License #11442.