For Borrowers
Tekamar Mortgage Fund is a mortgage investment corporation (MIC). We work with borrowers through licensed mortgage brokers, not directly. Here's what that means for you.
A mortgage investment corporation (MIC) is a private lender that pools money from investors and lends it out as mortgages. Unlike banks, which borrow from the Bank of Canada, MICs use private capital. This means we don't have to follow the same rigid lending rules that banks do.
The trade-off? Our rates are higher, typically between 7% and 12%. That's because we're borrowing from our investors at a cost, and our rates need to cover that plus the added risk of lending in situations banks won't touch.
MICs like Tekamar are designed to be short-term solutions. Our goal is to lend to you for one to two years while you sort things out, then help you move back to cheaper traditional bank financing. Think of us as a bridge, not a destination.
We're provincially regulated, just like credit unions, and have been lending across the BC Interior since 1979. We look primarily at the property and your equity, not just your credit score or income documents. If the deal makes sense, we look for ways to say yes.
A mortgage investment corporation (MIC) is a company that raises money from private investors and lends it out as mortgages. MICs are regulated under both federal and provincial legislation and must follow strict rules about how they invest. Because MICs use private capital rather than deposits or government-backed funds, they have more flexibility in who they lend to and what properties they'll consider.
Banks borrow money at very low rates from the Bank of Canada and the bond market. MICs borrow from private investors who expect a return on their investment. Our cost of capital is higher, so our lending rates reflect that. The upside is that we can approve deals banks can't, we make decisions faster, and we focus on equity and common sense rather than rigid qualification rules.
All of our mortgages are arranged through licensed mortgage brokers. Your broker will submit your deal to us, and we'll typically respond within a few hours. If you don't have a mortgage broker, you can find one through the BCFSA broker directory (opens in new tab), or contact our sister brokerage, Tekamar Mortgages (opens in new tab).
A mortgage broker is a licensed professional who shops your mortgage across multiple lenders to find the best fit. They handle the paperwork, negotiate terms, and guide you through the process. In British Columbia, private lenders like Tekamar are required to work through licensed brokers to ensure borrowers receive independent advice. Your broker works for you, not for us.
We lend across the BC Interior and beyond, covering 126+ communities. We're based in Salmon Arm and are comfortable lending in small towns that other lenders avoid. Check out our full list of lending areas to see if your community is covered.
If it's secured by land in the areas we lend, we'll consider it. That includes residential homes, construction projects, bare land, rental properties, commercial buildings, and even rural or recreational properties. We look at the equity in the property and the exit strategy rather than ticking boxes.
MICs like Tekamar work through licensed mortgage brokers. If you don't already have a broker, you can find a registered professional through the BCFSA.
Our sister brokerage, Tekamar Mortgages (opens in new tab), is also available to help borrowers across BC.