Loans Provided Through MICs Cut Through Bank Lending Red Tape

High quality Canadian borrowers that used to be loyal bank customers, are now turning to Mortgage Investment Corporations (MICs) to secure loans. That’s because traditional lenders have implemented a large number of strict lending rules; they also make potential customers jump through a number of time consuming hoops. MICs like Mortgage Company of Canada cut through the red tape, provide customizable solutions, and can deliver funds within 48 hours.

Not long ago, first-time homebuyers could buy a property with no money down and secure a mortgage with an amortization period of 40-years. Not anymore. Traditional lenders have clamped down on how they lend. In fact, because of high interest rates and unnecessarily strict lending rules, more and more Canadian homebuyers are being rejected by big banks and trust companies.

MICs Make the Loan Process Easier

Many of those homebuyers rejected by traditional lenders have now turned their attention to Mortgage Company of Canada (MCOCI). Why? MCOCI isn’t bound by the same strict lending rules as traditional lenders; if anything, we offer a lot more flexibility and freedom when it comes to providing loans while still abiding by our board-approved credit policy.

On top of that, the process needed to secure a mortgage with a MCOCI is a lot easier than going through a bank. Where banks focus primarily on credit and income, MICs focus on both credit scores and income, as well as the equity of the home. This allows MCOCI to provide fast, customizable solutions.

Mortgage Company of Canada: Helping You Invest in High-Yield, Private Mortgages

Mortgage Company of Canada helps high-quality borrowers cut through the lending red tape and secure a mortgage fast. Because of our experienced management team and diversified portfolio of mortgages secured by residential real estate, Mortgage Company of Canada also provides investors with above average yields.

As a MIC, Mortgage Company of Canada pools investor capital into select, residential, single-family mortgages in large urban centers like the Greater Toronto Area, the Golden Horseshoe, and Ottawa. The majority of our mortgages secured by residential real estate are located in the GTA and three quarters of our loans are made up of first mortgages.

Our loan portfolio is high-quality, and we are able to charge higher rates than banks because we cut through the red tape and provide creative, excellent service. Thanks to our strong cash position, Mortgage Company of Canada can provide funding within 48 hours.

Investors meanwhile turn to Mortgage Company of Canada because of the high yield. Legally, a MIC must distribute 100% of its net income (before taxes) to shareholders in the form of monthly dividends. Where fixed income investments like GICs or government bonds provide annual returns of around two percent, Mortgage Company of Canada has been able to provide investors with a high yield annual dividend of 9.86%.1

Had you invested $100,000 with Mortgage Company of Canada in 2009, today, that investment would be worth $256,550.

To find out how you can strengthen your investment portfolio with mortgages secured by residential real estate in the Greater Toronto Area, visit our web site or contact Mortgage Company of Canada at 1- 866-318-7222.

Sources:
1. “September Newsletter,” Mortgage Company of Canada web site, last accessed November 26, 2018; https://www.mcoci.com/wp-content/uploads/2018/10/Mortgage-Company-of-Canada-September-Newsletter.pdf.