First Place MIC


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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.

  • Accredited Investor: BC, AB, SK, MB, ON
  • 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


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

All mortgages in the First Place MIC portfolio are 100% backed by real property located in urban areas throughout Canada.

Primary Residential Mortgages

The First Place MIC loan portfolio is comprised of primarily owner-occupied residential properties.

Fund Manager

First Place MIC’s fund manager, Alta West Capital, has been operating since 1991. It has a management team that consists of three Directors, all of whom are actively involved in the performance of First Place MIC.

Mortgage Size

As of March 31, 2020, the average mortgage loan amount is approximately $240,277.87. There are no loans in First Place MIC’s loan portfolio which exceed 10% of the total assets of the MIC.


An investment in First Place MIC may help diversify your portfolio of investments.


Each loan in the First Place MIC’s portfolio has a 75% maximum Loan-To-Value (LTV) ratio as at the time of funding.

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.


George Botros
Chief Executive Officer

George Botros was appointed as CEO of Alta West Capital in April 2021. Prior to his role as CEO, George served as Alta West Capital’s CFO and CCO from 2014 to 2021. He has over 20 years in the lending business, participating in residential, commercial, mezzanine, and interim financing related activities.


George is also a Director of the funds Alta West administers. Prior to joining Alta West Capital, he managed Toro Financial Corporation which amalgamated with AWM Diversified MIC, an entity managed by AWC, in 2014. George was also a University Professor teaching Finance and Economics for University of Lethbridge.


George holds a Bachelor of Economics and an MBA.