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Investing in a First Place MIC
First Place MIC was created in 2007. The portfolio consists of first mortgages across Western Canada and Ontario, and is primarily comprised of owner-occupied residential properties. Each loan in First Place MICs portfolio has a loan-to-value ratio of 75% or less at the time of funding.
Figures as of September 30, 2022
assets under management¹
number of mortgages
weighted loan-to-value (LTV)²
1 Value of mortgages in the fund. 2 Calculated as loans outstanding divided by the value of the property secured at time of origination. The properties included in the weighted LTV calculation are of similar property types as 88.92% of the assets under management are residential properties, with the remaining being retail or mixed use of retail/ residential properties.
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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. Read full disclosure here.