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Atrium Mortgage Investment Corp. Q2-2019 Earnings, Price Target Update

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Atrium Mortgage Investment Corp.(AI-TSX), is a mortgage investment corporation (MIC) managed by Canadian Mortgage Capital Corporation (CMCC). CMCC is a major mortgage brokerage and advisory services company with established mortgage servicing operations based in Toronto. The company acts as a mortgage broker for institutional quality mortgages. CMCC is also the manager of the DREAM CMCC Capital Fund which invests primarily in residential developments and mezzanine financing opportunities in Ontario and Western Canada. The Fund was established and sponsored by Dream Real Estate Asset Management (previously Dundee) and CMCC. CMCC as manager is responsible for originating, underwriting, servicing and syndicating Atrium's mortgage loans. CMCC has been in the business of originating and underwriting mortgage loans for 20 years and servicing mortgage loans for 15 years. Atrium is a niche mortgage lender with a strategy to lend short-term, with loans secured by real estate located in major urban centres. They focus on short term commercial and residential project loans that would otherwise be placed with financial institutions. The average loan-to-value ratio of the portfolio at time of underwriting does not exceed 75%. A typical loan in their portfolio has an interest rate of 8% to 10% annually and a one or two-year term and monthly interest-only mortgage payments.

Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act. Accordingly, Atrium 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 company had been made directly by the shareholder.

They lend in major urban centres where the stability and liquidity of real estate are at the comparatively highest levels. The average loan-to-value ratio of the mortgage portfolio, as a whole, at the time of underwriting each loan in the portfolio, will not exceed 75%. A typical loan in their portfolio has an interest rate of 8% to 10% per annum, a one or two-year term and monthly interest-only mortgage payments.

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