January 23, 2018 - AX.UN
New! Artis REIT - Price Target Update .....
January 20, 2018 - AAR.UN
Pure Industrial REIT - Acquisition Update .....
January 19, 2018 - EXE
Extendicare REIT - Price Target Update .....
January 18, 2018 - DIR.UN
Dream Industrial REIT - Earnings & Price Target Update .....
January 17, 2018 - WIR.U
WPT Industrial REIT - Earnings Update .....
January 16, 2018 - SMU.UN
Summit Industrial REIT - Price Target Update .....
January 13, 2018 - CHE.UN
Chemtrade Logistics Income Fund- Price Target Update .....
January 12, 2018 - NTR
Nutrien Inc. - 2018 Earnings Forecast .....
Recommendation Changes
SMU.UN, FTS, AQN, SJR.B, FN, more...

Firm Capital Mortgage Investment Corp. Q2-2017 Update

This is only a sample of the article, please login to view the entire article

Firm Capital Mortgage Investment Corp. is a non-bank provider of residential and commercial real estate finance. They provide short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. Their investment objective is the preservation of capital while providing shareholders with a stable stream of monthly dividends. The income is earned from interest payments on loans secured by real estate. Our estimates for average loan to value ratio is 80% and the average term to maturity is under two years. The shorter term structure of the loan portfolio focuses on a segment of the mortgage market that is underserved by the larger lending institutions. Approximately 90% of income is earnings from interest on mortgages; the balance is from fee and special income.

Approximately 67% of the portfolio matures by Mar-31-2018 with an average term of less than 2 years. Regionally, the mortgage portfolio is diversified as follows: Ontario (82%), Alberta (8%), Quebec (5%), and Other (5%). Conventional first mortgages, being those first mortgages with loan to values less than 75%, comprise 75.1% of the portfolio, and conventional mortgages with loan to values under 75% comprise 85.4% of our total portfolio.

Firm Capital Mortgage Investment Corp is structured as a Mortgage Investment Corp. under Section 130 of the Canadian Income Tax Act. This structure permits distributions made to shareholders to be a deduction from income. Firm Capital's dividend policy is to pay out substantially all of their earnings otherwise the income retained is taxable at Firm Capital. Their yield objective is to produce a return on shareholders' equity in excess of 400 basis points over One Year Government of Canada Treasury bill yields.

You must be a member to view the entire article, please subscribe or login

New Issues & Acquisition
January 22, 2018
New! Atlantic Power Corporation - New Convertible Debenture
January 22, 2018
New! Artis REIT - 6% Minimum Rate Reset Preferred Units New Issue
January 19, 2018
New! Coverage Universe - Weekly Price Change Jan 12-19, 2018
January 17, 2018
New! Slate Office REIT - New Convertible Debenture
January 15, 2018
Brookfield Infrastructure Partners LP - 5% Minimum Rate Reset Preferred Share New Issue
January 14, 2018
Preferred Share Recommendations(Historical) - Fixed Rate & Rate Reset
January 12, 2018
National Bank 0 4.6% Rate Reset Preferred Share New Issue
January 11, 2018
CIBC 4.5% Rate Reset Preferred Share New Issue