The Canadian Lending industry has experienced a tidal wave of regulatory changes, creating many potential institutional borrowers to be declined. As a private non-bank lender we are able to be more flexible maintain a commonsense approach in providing mortgages to quality borrowers where larger financial institutions do not offer competitive terms and structures. We offer 1st & 2nd Mortgages for bridge financing, debt-consolidation, construction loans, real estate investments and real estate development with interest rates of 7.99% to 10.99% plus per annum, in 3 months to 12-month terms, and interest-only monthly payments. We primarily lend in the Greater Toronto Area and other highly marketable locations in Ontario.
Our objective is to provide investors with consistent, safe, and reliable returns while preserving their capital. Through conservative underwriting and custom structures, we provide mortgages to borrowers whose financing needs are not being met by larger financial institutions. As a Mortgage Investment Corporation, 50% of our investments must be in residential mortgages, and we distribute all of our earnings every year.
The weighted average loan-to-value ratio of our mortgage portfolio, as a whole, at the time of underwriting each loan in our portfolio, may not exceed 75%. A typical loan in our portfolio has an interest rate of 7.99% to 10.99% plus per annum, in 3 months to 12 months term, and interest-only monthly payments.
Mortgage loan amounts are generally $50,000 and up. The largest single mortgage in our mortgage portfolio as of June 30, 2018, was $2.1 million). For loan amounts in excess of $1 million, we generally co-lend with our private investor pool.
Our lending parameters are as follows:
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