At the end of June 2019 (end of FY2019), CMI Mortgage Investment Corporation (“MIC”) had $8.16 million in mortgages outstanding across 54 properties, up 19% YoY. The MIC was able to ramp up originations in the second half of 2019, and exited the year with $17.55 million in mortgages across 87 properties. In this report, we review the MIC’s performance in FY2019.
Management’s key focus remains on owner occupied residential properties in 2020.
The portfolio’s average Loan-to-Value (“LTV”) was 71% at the end of FY2019, with an average loan size of $152k. First mortgages (by value) accounted for 43%.
The MIC has not reported a realized loss since inception.
The MIC is currently paying out an annualized monthly dividend of approximately 8.95% on average.
Management owns 11% of the outstanding preferred shares of the MIC, which have the same priority / terms as other investors.
Management also originates and manages mortgages for accredited investors under the brand Canadian Lending Inc. (“CLI”). In H1-2019, CLI originated $59 million in mortgages. The yield for investors in first mortgages was 8.96% in H1-2019, and for investors in second mortgages was 11.36% in H1-2019.
