Canada’s Premier Non-Bank Lender™
CMCC has been the manager of Atrium Mortgage Investment Corporation; listed on the TSX (symbol: AI), for 15 years. As manager, CMCC is responsible for originating, underwriting and servicing Atrium’s loan portfolio of approximately $709 million.
Atrium is a non-bank lender filling the gap caused by the limited number of financial institutions operating in Canada. Atrium focuses on first and second mortgages in major urban centers where the stability and liquidity of real estate is at the highest level. The company targets its lending activities in Ontario, the Prairies and British Columbia, where the long-term economic growth prospects are strongest. The types of real estate financed includes residential houses, infill residential developments, apartment buildings, retail plazas, land acquisition, industrial buildings and other types of revenue producing properties. A typical loan in the portfolio is $2 – $5 million, has an interest rate of 7.5%-10.0% per annum, a one or two year term, and a loan-to-value ratio not exceeding 75%. In its 15 year history, Atrium has funded over $1 billion of mortgages across Canada.
Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so 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 of 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.
For further information about Atrium, please see www.AtriumMIC.com