Just how different?
Working with us
We're a small-town mortgage lender that specializes in working with clients where other lender's wont. As long as you own (or are trying to buy) property in the areas we lend and it makes sense, we'll consider it.
What's a deal that makes sense? A fix to a problem that has a clear exit strategy.
How exactly do we do that?
- We look mostly at the property, not the borrower
- We believe in looking at all deals with common sense.
- We'll work with you to make the deal work, then get out of your way.
How we’re different from banks
We are a mortgage investment corporation. That means our money comes from private investors, not the Bank of Canada. We are (strongly - just ask our auditors) provincially regulated - just like credit unions. This means that because we're borrowing from our investors, and not the BoC or bond market. Because of that, we don't have to use the same OSFI check boxes bigger banks have to use. Instead, as long as we are lending on mortgages our investors are okay with, we are able to look at it from a place of common sense.
Faster turnaround, unique situations, more flexibility on equity versus income and the ability to work with you on deals that just don't fit in the Banks's boxes. Sometimes it just makes sense to go with a MIC.
What's the catch?
We cost more. Simple as that. Because we're borrowing from investors at 6% (or more), we need to lend out our funds at more than that. The extra covers cost of originating, managing the mortgage, and setting aside extra for the increase risk of lending on unique mortgages.
How much more? Usually we lend at between 7 and 12 percent. We lend with the goal of lending to you for less than two years, at which point we work with you to move your mortgage to more traditional bank financing at lower rates