FIRST PLACE MIC
(Mortgage Investment Corporation)
CONTACT US & SEE THE POSSIBILITIES
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
- RRSP, RRIF, RESP, TFSA, LIRA, LIF, Spousal RRSP
- Olympia Trust Company
- 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 September 30, 2020
Assets Under Management:* $21,455,066.78
Number of Mortgages: 93
Weighted LTV:** 67.51%
* 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 96.69% of the assets are residential properties.
** This is the value of the mortgages that are in the fund
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 detailed 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 Mortgage Capital Corporation nor First Place MIC makes any representations or warranties about the accuracy or completeness of the information contained. 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 Mortgage Capital Corporation nor First Place MIC assumes any obligation to update or revise this webpage to reflect new events or circumstances other than as may be required by applicable laws.
Alta West Mortgage Capital Corporation is registered as an Exempt Market Dealer (“EMD”), Restricted Portfolio Manager (“RPM”) and Investment Fund Manager (“IFM”) in the province of Alberta. The firm is also registered in the provinces of British Columbia, Manitoba, Ontario and Saskatchewan as an EMD. This brochure is directed only to residents of those provinces. The information set out herein is for general information purposes only and does not constitute a solicitation to purchase or sell securities. Important information regarding First Place MIC is set out in its Oﬀering Memorandum which should be reviewed prior to investment. Please contact us for a copy of this document.