Key Highlights

  • 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.

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