Common Questions Answered
Everything you need to know about private mortgage lending with Tekamar MIC.
Tekamar Mortgage Fund is a Mortgage Investment Corporation (MIC) based in Salmon Arm, BC, lending since 1979. We provide short-term private mortgages at 7-12% across 126+ BC communities outside Vancouver and the Fraser Valley.
A MIC is a Canadian lending company that pools private investor capital to fund mortgages. Unlike banks, MICs are not federally regulated by OSFI, which allows more flexible lending criteria. Tekamar's funds come from private investors, not the Bank of Canada or bond markets. MICs are provincially regulated, similar to credit unions.
Banks are federally regulated and lend from the bond market, requiring borrowers to meet strict OSFI guidelines. MICs like Tekamar are provincially regulated and lend from private investor capital. This means we use common-sense underwriting focused on property equity rather than rigid income and credit requirements. The trade-off is higher rates (7-12% vs 4-6% at banks), but faster decisions and more flexibility.
Tekamar has been lending in British Columbia since 1979, originally under the name Tekarida in the Shuswap region. We've been based in Salmon Arm, BC for over four decades and have expanded to lend across the entire province outside Vancouver and the Fraser Valley.
No. We don't syndicate and we don't assign mortgages. When you submit a deal to us, it is our investors' capital that funds the mortgage directly.
We lend across all of British Columbia except Vancouver and the Fraser Valley. This includes the BC Interior, Kootenays, Northern BC, Vancouver Island, Victoria, and the Sunshine Coast. Check our Where We Lend page for the full list of 126+ communities.
If your town is in British Columbia but outside Vancouver and the Fraser Valley, probably yes. Visit our Where We Lend page to see exactly where we lend and the lending parameters for each community.
Our typical maximum LTV is 65%, though this varies by region and property type. Larger population areas may qualify for higher LTVs, while remote or higher-risk locations may have lower limits. Commercial properties are capped at 60% LTV.
Our rates typically range from 7% to 12%, priced individually based on property location, loan-to-value ratio, borrower profile, and property condition. Our best available rate starts at 8.4% and adjusts based on deal-specific risk. View our current rates or learn more about how we price deals.
No. We don't charge renewal fees. We price based on risk to determine our APR, and we believe that's enough. No surprise fees at renewal.
Yes. We regularly capitalize lender fees to lower the interest rate for rate-sensitive borrowers. For example, a 7.88% rate with a 1.37% lender fee may be more appealing to clients than 8% with a 1% fee. The APR stays the same either way. Learn more on our Understanding Our Rates page.
We collect the broker fee and pay you directly. Standard broker compensation is 100 basis points (1%) unless you request a different arrangement. We pay on funding. Learn more on our Brokers page.
We target a 1-business-day turnaround for initial responses and often respond within 4 hours. Final approval depends on receiving complete documentation including credit and property details.
We offer first mortgages up to $1 million, second mortgages up to $250,000, construction mortgages, bare land loans, purchase financing, refinancing, debt consolidation, and commercial mortgages (up to 60% LTV). We also offer inter alia (cross-collateralized) mortgages. No thirds. View all our mortgage products.
We lend with the goal of a term under two years. Our mortgages are designed as bridge financing to help you fix your situation and transition back to traditional bank financing at lower rates. Learn more on our Borrowers page.
No. If a property has been used to grow cannabis, we will not lend on it. However, we have a wide range of other mortgage products for most property types.
We maintain a wait-list for investors. After over four decades of positive returns, we have more people who want to invest than room on our books. Contact us to discuss investment opportunities.
Give us a call or send us a message. We're happy to help.