Earnings
December 7, 2019 - CM
CIBC - 2019 Earnings & Price Target Forecast .....
December 6, 2019 - TD
TD Bank - 2019 Fiscal Earnings & Price Target Update .....
December 5, 2019 - NA
National Bank of Canada - Fiscal 2019 Earnings, Price Target .....
December 4, 2019 - RY
Royal Bank of Canada, Fiscal 2019 Earnings, Price Target Update .....
December 3, 2019 - BMO
Bank of Montreal - 2019 Earnings, Fiscal 2020 Forecast .....
December 1, 2019 - CRR.UN
Crombie REIT - Q3-2019, Price Target Update .....
November 30, 2019 - POW
Power Corp. of Canada, Q3-2019 Earnings, Price Target Update .....
November 29, 2019 - BNS
Bank of Nova Scotia, Fiscal 2019 Earnings & Price Target Update .....
Recommendation Changes
NA, ESI, NWH.UN, VET, SRV.UN, more...

Atrium Mortgage Investment Corp. Q3-2019 Earnings, Price Target Update

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

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.

Atrium's policy is the average loan-to-value ratio of the mortgage portfolio, at the time of underwriting each loan, will not exceed 75%. A typical loan in the portfolio has an interest rate of 7.75% to 10% per annum, a one or two-year term and monthly interest-only mortgage payments. Lending parameters are as follows: mortgages on residential and commercial properties up to a maximum of 75% of appraised value; loans on single family residences up to 75% of appraised value; mortgages on income-producing real estate up to a maximum of 85% of appraised value; construction loans up to a maximum of 90% of cost. Mortgage loan amounts are generally $300,000 to $30M. The largest single mortgage in the mortgage portfolio as at Sept-30-2019 was $43M. For loan amounts in excess of $30M, they generally co-lend with a financial institution or private lender.

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.

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


Login
Username
Password
New Issues & Acquisition
December 6, 2019
New! Coverage Universe - Weekly Price Change: Nov 29-Dec 6, 2019
November 29, 2019
Coverage Universe - Weekly Price Change: Nov 22-29, 2019
November 22, 2019
Coverage Universe - Weekly Price Change: Nov 15-22, 2019
November 8, 2019
Coverage Universe - Weekly Price Change: Nov 1-8, 2019
November 1, 2019
Coverage Universe - Weekly Price Change: Oct 25-Nov 1, 2019
October 26, 2019
Coverage Universe - Weekly Price Change: Oct 18-25, 2019
October 18, 2019
Coverage Universe - Weekly Price Change: Oct 11-18, 2019
October 11, 2019
Melcor REIT - 5.1% Convertible Debenture New Issue