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Investing in First Place MIC
First Place MIC was created in 2007, and is comprised of primarily owner-occupied residential properties that invest in first mortgages across Western Canada and Ontario. Each loan in the First Place MIC’s portfolio has a loan-to-value ratio of 75% or less at the time of funding.
- $10,000
- Accredited Investor: BC, AB, SK, MB, ON
- RRSP, RRIF, RESP, TFSA, LIRA, LIF, Spousal RRSP
- Olympia Trust Company
- Computershare
- May 2007
- Q1 – January 31
- Q2 – April 30
- Q3 – July 31
- Q4 – October 31
- Paid monthly if cash flow permits and subject to applicable law
- Up to $10,000,000
- Czechowsky, Graham & Hanevelt Chartered Accountants
- McLeod Law LLP
PORTFOLIO SUMMARY
Figures as of March 31, 2021
Assets Under Management:* $19,222,229.41
Number of Mortgages: 80
Weighted LTV:** 65.95%
* Calculated as loans outstanding divided by the value of the property secured. The properties included in the weighted LTV calculation are of similar property types as 94.47% of the assets are residential properties.
** This is the value of the mortgages that are in the fund
Asset Backed Security
Primary Residential Mortgages
Fund Manager
Mortgage Size
Diversification
Loan-To-Value
First Place MIC Stats
Past performance is no guarantee of future results. Actual performance will vary. There is no assurance First Place MIC will achieve its objectives or be able to pay dividends consistent with historical payments. As such, dividends are subject to all the risks of First Place MIC’s operations and industry and investments generally, including the ability of borrowers to make applicable payments under mortgages comprising First Place MIC’s portfolio, real estate values, interest rates, unexpected costs, competition, the economy generally, and other factors beyond the control of First Place MIC. There is liquidity risk as preferred shares of First Place MIC are not publicly traded and you may be unable to sell or redeem them in a timely manner, or at all. For a list of additional risk factors related to an investment in preferred shares of First Place MIC, see the Investment Risk section in the Alta West Capital Relationship Disclosure Document.
The information contained herein is current to the date indicated. Neither Alta West nor First Place MIC makes any representations or warranties about the accuracy or completeness of the information contained on this document. Any applied warranties, whether statutory or otherwise, on any such matters are hereby expressly excluded to the full extent permitted by applicable laws. Neither Alta West nor First Place MIC assumes any obligation to update or revise this document to reflect new events or circumstances other than as may be required by applicable laws. Diversification in your portfolio is important. Please note Alta West Mortgage Capital Corporation has no ability or expertise to provide meaningful overall portfolio analysis of all your separate investment classes in order to diversify your individual portfolio. Alta West Capital is a “connected issuer” to the Alta West Capital MICs as defined in National Instrument 33-105 Underwriting Conflict, because of common ownership and management between Alta West Capital and the Alta West Capital MICs.