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Firm Capital Mortgage Investment Corp. Q1-2021 Earnings, Price Target Update

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Firm Capital Mortgage Investment Corp.(FC-TSX) 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, equity and debtor in possession loans. 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. Their yield objective is to produce a return on shareholders' equity in excess of 400 basis points over the average one-year Government of Canada Treasury bill yield. Firm Capital specializes in providing equity, construction and bridge financing to the builder, developer and real estate owner marketplace. A key risk to sustaining distributions is to successfully source, short maturity loans with strong collateral. Also the short term nature of the portfolio loans exposes them to interest rate renewal risks, the average loan term is approximately 6 months.

During Q3-2020 a direct to consumer retail residential mortgage segment was launched to lend to Canadian home owners and foreign investors focusing on residential first & second mortgages and lines of credit in the Greater Toronto Area 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.

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 earned from interest on mortgages; the balance is from fees and from buying discounted mortgages.

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